Section 1706. Approval of Conversion by Department
(a) Upon receipt of an application for approval of a conversion the department shall conduct such investigation as it may deem necessary to ascertain whether:
(i) the articles of conversion and supporting items satisfy the requirements of this act,
(ii) the plan adequately protects the interests of depositors, other than creditors and shareholders, and
(iii) the requirements for a conversion under all applicable laws have been satisfied and the resulting institution would satisfy the requirements of this act applicable to it.
(b) Within thirty days after receipt of the application, the Department of Banking shall approve or disapprove the application on the basis of its investigation. If the Department of Banking shall approve the application, it shall deliver the articles of conversion with its written approval to the Department of State and notify the national bank or interstate bank of its action. If the Department of Banking shall disapprove the application it shall give written notice to the national bank or interstate bank of its disapproval and a statement in detail of the reasons for its decision.
(1706 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.