17 Pa. Cons. Stat. § 303

Articles of incorporation.

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§ 303. Articles of incorporation.

(a) General rule.--Articles of incorporation shall be signed by each of the incorporators. The articles of incorporation shall set forth:

(1) The name of the proposed credit union, which shall contain the words "credit union."

(2) The class of services to be performed by the credit union, which services shall be within the scope of activities of such associations as set forth in this title.

(3) The principal place where its business is to be transacted, which shall be within this Commonwealth.

(4) The term for which it is to exist, which may be perpetual.

(5) The par value of its shares.

(6) The names and post office addresses of the incorporators and the number of shares subscribed by each.

(7) The names and residences of each of the first directors, not less than five in number, who shall serve until the first annual meeting of the credit union, and the name and residence of the treasurer.

(8) The common bond of membership.

(9) Any provision, not inconsistent with law, which the incorporators may choose to insert for the regulation of the business and the internal affairs of the credit union.

(b) Maintenance of copies.--A copy of the original articles of incorporation of the credit union and all amendments thereto shall be maintained by the credit union.

(June 18, 2014, P.L.754, No.62, eff. 60 days)

Notes of Decisions

Cited in 5 cases, 2006–2009 · leading case: Pennsylvania Bankers Ass'n v. Pennsylvania Department of Banking

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Pennsylvania Bankers Ass'n v. Pennsylvania Department of Banking (2008) pa · cites it 2× “A similar provision is included in the current Credit Union Code at 17 Pa.C.S. § 303, which states that a credit union's charter must specify the common bond of membership.”

Pennsylvania Bankers Ass'n v. Pennsylvania Department of Banking (2009) pacommwct · cites it 2× “The procedures in this case include additional safeguards which reduce any risk of erroneous deprivation of the public interest.”

Pennsylvania Bankers Ass'n v. Pennsylvania Department of Banking (2008) pa · cites it 2× “[3] See 17 Pa.C.S. § 303 (indicating that the articles of incorporation must specify the common bonds of membership).”

Pennsylvania Bankers Ass'n v. Pennsylvania Department of Banking & Trumark Financial Credit Union (2006) pacommwct “A similar provision is now found in Section 303 of the Credit Union Code; 17 Pa.C.S. § 303. Credit unions originated in mid-19th century Europe as cooperative associations that were intended to provide credit to persons of small means; they were usually organized around some…”

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