10 Pa. Code § 31a.12 - Surrender of trust powers
(a) Any
association which has been granted the right to exercise trust powers and which
desires to surrender such rights shall file with the Department a certified
copy of the resolution of its board of directors signifying such
desire.
(b) Upon receipt of such
resolution, the Department will make an investigation; and, if it is satisfied
that the association has been discharged from all fiduciary duties which it has
undertaken, it will issue a certificate to such association certifying that it
is no longer authorized to exercise fiduciary powers.
(c) Upon issuance of such a certificate by
the Department, an association may:
(1) No
longer be subject to the provisions of this chapter.
(2) Not exercise thereafter any of the powers
granted by this chapter without first applying for and obtaining new
authorization to exercise such powers.
Notes
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