§ 523. Actions by shareholders or members to enforce a secondary right.
126 words·~1 min read·
/pa/title-15/chapter-5/523A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 523. Actions by shareholders or members to enforce a secondary right.
(a)General rule.-- A banking institution shall be governed by the provisions of Subchapter F of Chapter 17 (relating to derivative actions).
(b)Security for costs.-- (Deleted by amendment).
(c)Definitions.-- When applying the provisions of Subchapter F of Chapter 17, the following words and phrases shall have the meanings given to them in this subsection:
"Director." Includes any individual performing the function of director, regardless of title.
"Member." Includes depositors in a mutual banking institution.
"Shares." Includes outstanding contracts or accounts of members in a mutual banking institution.
15c523v
(Dec. 19, 1990, P.L.834, No.198, eff. imd.; Nov. 21, 2016, P.L.1328, No.170, eff. 90 days; Nov. 3, 2022, P.L.1791, No.122, eff. 60 days)
15c524s