Section 523 - Actions by shareholders or members to enforce a secondary right(a) General rule.--A banking institution shall be governed by the provisions of Subchapter F of Chapter 17 (relating to derivative actions). (b)[Deleted by 2022 Amendment.](c) Definitions.-- When applying the provisions of Subchapter F of Chapter 17, the following words and phrases shall have the meanings given to them in this subsection: "Director." Includes any individual performing the function of director, regardless of title.
"Member." Includes depositors in a mutual banking institution.
"Shares." Includes outstanding contracts or accounts of members in a mutual banking institution.
Amended by P.L. TBD 2022 No. 122, § 26, eff. 1/2/2023.Amended by P.L. TBD 2016 No. 170, § 3, eff. 2/19/2017.1988, Dec. 21, P.L. 1444, No. 177, § 103, effective Oct. 1, 1989. Amended 1990, Dec. 19, P.L. 834, No. 198, § 102, imd. effective.