Actions by shareholders or members to enforce a secondary right
Published Nov 3, 2022(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)
- (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.
(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)