§ 901. Application of chapter.
§ 902. Authorized offices.
§ 903. Change of location of office.
§ 904. Authorization of new branches.
§ 905. Approval of branch by department.
§ 906. [Repealed.]
§ 907. Branches outside Pennsylvania.
§ 908. Branches acquired from the receiver of a closed institution or from an institution in danger of closing.
This chapter shall apply to, and the word "institution" in this chapter shall mean, an institution subject to this act, an interstate bank and a banking institution existing under the laws of another jurisdiction which will become an interstate bank upon the acquisition of a branch in this Commonwealth.
(a) General rule.--Except as provided in subsection (b), an institution may not maintain any office for the conduct of its business other than:
(b) Affiliates.--An institution may establish and operate as a branch, any principal place of business or branch of an affiliated State or national bank, savings bank, Federal savings bank, State savings association or Federal savings and loan association upon written approval by the department of an application for approval in a form prescribed by the department accompanied by any applicable fee. The department may issue regulations under this subsection; however, the absence of regulations shall not be a bar to consideration by the department of an application filed under this subsection nor a basis for denial of such an application.
(a) Change of principal place of business.--An institution may, with the prior written approval of the department and, in the case of an unincorporated institution by amendment of its articles, change the location of its principal place of business to a new location anywhere in this Commonwealth.
(b) Change of branch.--An institution may, pursuant to a resolution of its board of directors or trustees, or in the case of a private bank its owners, and with the prior written approval of the department, change the location of a branch to a new location in the same manner and subject to the same requirements and limitations as are prescribed by this act for the establishment of branches.
(c) Temporary change for alterations.--An institution may, with the prior written approval of, and for a period fixed by, the department, change the location of its principal place of business or of a branch to permit the alteration or improvement of the premises then occupied by such office.
(d) Discontinuance of office.--Upon the change of location of an office pursuant to subsections (a) and (b) of this section, the institution may not maintain a branch at the former location unless such office shall be authorized as a branch pursuant to this act.
(a) General rule.--An institution may establish and maintain:
(b) Reciprocity conditon.--A banking institution existing under the laws of another jurisdiction may not establish a branch in this Commonwealth unless the laws of the state where it is located would permit an institution chartered under the laws of this Commonwealth or a national bank located in this Commonwealth to establish and maintain a branch in such other state on substantially the same terms and conditions.
(c) Savings banks.--A savings bank may establish and maintain branches within any county of this Commonwealth or within any state of the United States or the District of Columbia, subject to the written approval of the department upon an application for approval in a form prescribed by the department accompanied by any applicable fee and after investigation by the department.
(a) Investigation and discretionary hearings--Upon receipt of an application for approval of a branch which satisfies the requirements of this act, the department shall conduct such investigation as it may deem necessary and, in its discretion, may hold hearings before the department or before the Banking Board.
(b) [Repealed.]--
(c) Action by department--Within sixty days after receipt of the application or such longer period as may be required for any hearing which the department may hold, the department shall approve the application if it finds that the establishment of the proposed branch would be consistent with the purposes of this act set forth in subsection (a) of section 103 and that the requirements of this act have been complied with but shall otherwise disapprove the application. If the department approves the application, it shall issue to the institution a letter of authority to establish the branch. If the department disapproves the application, it shall give the institution written notice of its disapproval and a statement in detail of the reasons for its decision.
(d) Time for establishment of branch--An institution may establish a branch pursuant to approval of the department under this section not later than six months after the date of the letter of authority or within such longer period as the department shall allow for good cause. The institution shall deliver to the department a certificate of the establishment of the branch in a form prescribed by the department.
(e) Discontinuance of branch--An institution may, pursuant to a resolution of its board of directors or trustees or, in the case of a private bank, its owners, and with the prior written approval of the department, discontinue the operation of a branch upon such prior public notice of at least thirty days as the department shall prescribe. The institution shall deliver to the department a certificate of the discontinuance of the branch in a form prescribed by the department.
(f) Record of branches--The department shall maintain a record of the number and location of all branches of institutions.
(a) A private bank which on the effective date of this act lawfully maintains branches in any other state or foreign country may continue to maintain such branches, subject to the laws of such other state or foreign country.
(b) An institution may maintain an office outside the states of the United States with the prior written approval of the department and subject to an agreement satisfactory to the department providing for the times, method and reimbursement of expenses of examination of such branch. At any such branch, an institution shall have the power (without regard to other provisions of this act) to engage in any business or any activity permitted by applicable Federal law and regulations.
(c) An institution may maintain branches in any other state, the District of Columbia or a territory or possession of the United States upon receiving the prior written approval of the department after filing an application and paying a fee to the department in a form and amount prescribed by the department, except no approval is required for national banks or Federal savings associations under this subsection.
[to be inserted.]
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