17 Pa. C.S. § 1106

Current through P.A. Acts 2023-66

Section 1106 - Supervisory mergers or consolidations by department

Notwithstanding any other provision of this title, the department may require a merger or consolidation of a credit union which is insolvent or is in danger of insolvency with any other credit union, Federal credit union or out-of-State credit union or may authorize a credit union to purchase any of the assets of, or assume any of the liabilities and capital of, any other credit union, Federal credit union or out-of-State credit union if the department is satisfied that:

(1) an emergency requiring expeditious action exists with respect to such a credit union;

(2) other alternatives are not reasonably available; and

(3) the public interest would best be served by approval of such merger, consolidation, purchase or assumption.

17 Pa.C.S. § 1106

1990, Dec. 19, P.L. 834, No. 198, § 302, effective in two months. Amended 2002, Dec. 9, P.L. 1572, No. 207, § 9, effective in 60 days.