Section 6452 - Pennsylvania Deposit Insurance Corporation(a) There is hereby established a body corporate to be known as "Pennsylvania Deposit Insurance Corporation" (hereinafter in this act referred to as "PDIC"), whose purpose shall be the insurance of deposits in private banks. PDIC is a nonprofit corporation and its existence shall be perpetual until dissolved by act of the Legislature. PDIC shall:(1) Not be an agency or instrumentality of the Commonwealth of Pennsylvania.(2) Be a corporation the members of which shall be all private banks holding certificates of authorization from the Commonwealth, which have filed an application for membership accepted by the board of directors, such membership being for the life of PDIC unless any member elects to withdraw by giving written notice one year in advance.(3) Not be subject to regulation by the Department of Insurance, or to laws of the Commonwealth concerning insurance of deposits in private banks.(b) In addition to the powers conferred upon a nonprofit corporation by the Commonwealth of Pennsylvania and to the powers granted to PDIC elsewhere in this act, PDIC shall have the power: (1) to sue and be sued, complain and defend, in its corporate name and through its own counsel, in any State or Federal court;(2) to adopt, alter and use a corporate seal, which shall be judicially noticed;(3) subject to the provision of this act, to adopt, amend and repeal, by its board of directors bylaws and rules relating to the conduct of its business and the exercise of all other rights and powers granted to it by this act;(4) to conduct its business, including the carrying on of operations and the maintenance of offices, and to exercise all other rights and powers granted to it by this act anywhere in the Commonwealth of Pennsylvania;(5) to lease, purchase, accept gifts or donations of or otherwise acquire, to own, hold, improve, use, or otherwise deal in or with, and to sell, convey, mortgage, pledge, lease, exchange or otherwise dispose of, any property, real, personal mixed or any interest therein, wherever situated;(6) subject to the provisions of subsection (c), to elect or appoint such officers, attorneys, employees and agents as may be required, to determine their qualifications, to define their duties, to fix their salaries and to require bonds from them;(7) to enter into contracts, to execute instruments, to incur liabilities, and to do any and all other acts and things as may be necessary or incidental to the conduct of its business and the exercise of all other rights and powers granted to PDIC by this act; and(8) by bylaw, to establish its fiscal year.(c) PDIC shall have a board of directors which, subject to the provisions of this act, shall establish the policies which shall govern the operations of PDIC. The board shall consist of three persons, who are residents of the Commonwealth. One director shall be appointed by the Governor, who shall be the chairman; one director shall be appointed by a majority vote of the members which are private banks; and one director shall be appointed by the State Treasurer of Pennsylvania (hereinafter "treasurer"). Director shall be appointed for terms of three years, except that of the directors first appointed, one shall hold office for a term expiring on December 31, 1979, one shall hold office for a term expiring on December 31, 1980, and one shall hold office for a term expiring on December 31, 1981, as designated by the Governor at the time they take office. A vacancy in the board shall be filled in the same manner as the original appointment was made, but if such vacancy is not so filled within six months it shall be filled by the remaining directors. Any director appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed only for the remainder of such term. A director may serve after the expiration of his term until his successor has taken office. All matters relating to compensation of directors shall be as provided in the bylaws of PDIC.(d) The board of directors shall meet at the call of its chairman, or as otherwise provided by the bylaws of PDIC.(e) As soon as practicable but not later than 45 days after the date of enactment of this act, the board of directors shall adopt bylaws relating to the conduct of the business of PDIC and the exercise of the rights and powers granted to it by this act, and shall file a copy thereof with the Department of Banking (hereinafter "department"). Thereafter, the board of directors may alter, supplement, or repeal any bylaw and may adopt additional bylaws and in each such case shall file a copy thereof with the department. Each such bylaw, alteration, supplement or repeal and additional bylaw shall take effect upon the sixtieth day, or such later date as PDIC may designate, after the filing of the copy thereof with the department or upon such earlier date as the department may determine, unless the department shall, by notice to PDIC setting forth the reasons therefor, disapprove the same, in whole or in part, as being contrary to the public interest or contrary to the purposes of this act.1978, Oct. 5, P.L. 1088, No. 255, § 2, effective in 60 days.