§ 361. Division authorized.
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/pa/title-15/chapter-3/361A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 361. Division authorized.
(a)Domestic entities.-- Except as provided in section 318 (relating to excluded entities and transactions) or this section, by complying with this subchapter, a domestic entity may divide into:
(1)the dividing association and one or more new associations that are either domestic entities or foreign associations; or
(2)two or more new associations that are either domestic entities or foreign associations.
(b)Foreign associations.--
(1)A foreign association may be created by the division of a domestic entity only if the division is authorized by the laws of the jurisdiction of formation of the foreign association.
(2)If the division is authorized by the laws of the jurisdiction of formation of the foreign association, one or more of the resulting associations created in a division of a foreign association may be a domestic entity.
(c)Exception.-- A domestic banking institution that is a domestic entity may be a dividing association only if all of the resulting associations are domestic banking institutions.
(d)Cross reference.-- See section 314 (relating to regulatory conditions and required notices and approvals).
15c362s