Section 1702. Authority for Conversion of National Bank or Interstate Bank Into Institution
A national bank or interstate bank may, subject to the provisions of this chapter, convert into an institution upon:
(a) authorization by and compliance with the laws of the United States or of the jurisdiction under which the interstate bank exists,
(b) adoption of a plan of conversion by the affirmative vote of at least:
(i) a majority of its directors, and
(ii) the holders of two-thirds of each class of its shares at a meeting held upon not less than ten days' notice to all shareholders, and
(c) approval by the department.
(1702 amended July 6, 1995, P.L.271, No.39)
Compiler's Note: See Act 39 of 1995 in the appendix to this act for special provisions relating to legislative purpose.