Section 1002. Incorporators
(a) An institution may be incorporated by:
(i) fifteen or more adults, in the case of a mutual savings bank, and
(ii) three or more adults who shall each subscribe to shares of common stock with an aggregate par value of at least one thousand dollars ($1,000), in the case of any other institution.
((a) amended Apr. 8, 1982, P.L.262, No.79)
(b) At least two-thirds of the incorporators shall be citizens of the United States or its territories or possessions and at least two-thirds shall be residents of Pennsylvania.