1301 - Dissolution authorized. - Pennsylvania Statutes

CHAPTER 13 DISSOLUTION Sec. 1301. Dissolution authorized. 1302. Approval of voluntary dissolution. 1303. Dissolution proceedings. 1304. Department supervision. 1305. Articles of dissolution. 1306. Involuntary dissolution. Enactment. Chapter 13 was added December 19, 1990, P.L.834, No.198, effective in two months. § 1301. Dissolution authorized. Any credit union may elect to dissolve voluntarily and wind up its affairs in the manner provided in this chapter. However, if it shall appear to the department, upon an examination of the business, assets and affairs of the credit union, that its assets will probably be insufficient to pay in full its members and creditors, it shall take possession of the business and property of the credit union and retain possession until its affairs are finally liquidated. (Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)