Pennsylvania Act 1992-77 — BANKING CODE OF 1965 - AMEND AUTHORIZED OFFICES

Act text

BANKING CODE OF 1965 - AMEND AUTHORIZED OFFICES
                  Act of Jul. 2, 1992, P.L. 364, No. 77               Cl. 07
                             Session of 1992
                               No. 1992-77

     SB 1436

                                  AN ACT

     Amending the act of November 30, 1965 (P.L.847, No.356),
        entitled "An act relating to and regulating the business of
        banking and the exercise by corporations of fiduciary powers;
        affecting persons engaged in the business of banking and
        corporations exercising fiduciary powers and affiliates of
        such persons; affecting the shareholders of such persons and
        the directors, trustees, officers, attorneys and employes of
        such persons and of the affiliates of such persons; affecting
        national banks located in the Commonwealth; affecting persons
        dealing with persons engaged in the business of banking,
        corporations exercising fiduciary powers and national banks;
        conferring powers and imposing duties on the Banking Board,
        on certain departments and officers of the Commonwealth and
        on courts, prothonotaries, clerks and recorders of deeds;
        providing penalties; and repealing certain acts and parts of
        acts," further providing for authorized offices.

        The General Assembly of the Commonwealth of Pennsylvania
     hereby enacts as follows:

        Section 1.  Section 902 of the act of November 30, 1965
     (P.L.847, No.356), known as the Banking Code of 1965, is amended
     to read:
      Section 902.  Authorized Offices
        [An] (a)  General rule--Except as provided in subsection (b),
     an institution may not maintain any office for the conduct of
     its business other than:
            [(a)] (i)  its principal place of business designated in
        its articles, or in the case of a private bank in its
        certificate of authorization or in the case of an employes'
        mutual banking association in a certificate issued by the
        department,
            [(b)] (ii)  branches authorized prior to the effective
        date of this act or authorized pursuant to this act, and
            [(c)] (iii)  offices, agencies and other places of
        business which do not constitute branches as defined in this
        act.
        (b)  Affiliates--An institution may establish and operate as
     a branch, any principal place of business or branch of an
     affiliated State or national bank, savings bank , Federal
     savings bank, State savings association or Federal savings and
     loan association upon written approval by the department of an
     application for approval in a form prescribed by the department
     accompanied by any applicable fee. The department may issue
     regulations under this subsection; however, the absence of
     regulations shall not be a bar to consideration by the
     department of an application filed under this subsection nor a
     basis for denial of such an application.
        Section 2.  This act shall take effect immediately.

     APPROVED--The 2nd day of July, A. D. 1992.

     ROBERT P. CASEY