Current through Pa Acts 2024-53, 2024-56 through 2024-92
Section 6513 - Application for membership(a) Applications before organization of board.-- All applications from associations for membership received by the corporation prior to appointment and organization of the board of directors shall be referred to the Secretary of Banking. The Secretary of Banking shall examine the affairs of all such applicants and as a result thereof if he finds the applicants to meet the qualifications for membership in the corporation set forth herein under section 5, he shall so certify them. The corporation shall not extend the benefits to be accorded to member associations to any applicant until: (1) it has received the report and recommendation as provided herein from the Secretary of Banking as to such applications so filed prior to appointment and organization of the board of directors and has acted thereon in accordance with section 5; and(2) it has accepted for membership a minimum of 25 associations having savings accounts in the aggregate total of at least $25,000,000.(b) Applications after organization of board.--All applications from associations for membership received by the corporation subsequent to appointment and organization of the board of directors shall be made to the corporation. The corporation shall then refer this preliminary application to the Secretary of Banking within 30 days of receipt thereof for action in accordance with the requirements set forth herein under section 5.1979, April 6, P.L. 17, No. 5, § 13, effective in 60 days.