Bill Information

An Act amending the act of November 30, 1965 (P. L. 847, No. 356), known as the "Banking Code of 1965," granting additional powers to savings banks; permitting savings banks to take demand deposits; revising lending and investment authorities for savings banks; permitting savings banks to charge interest at rates permitted competing lenders; allowing savings banks to branch Statewide; revising provisions for savings banks' conversion to stock form; further providing for the issuance of classes or series of stock by banking institutions and for cumulative voting in banking institutions; revising definitions; and permitting an institution's board to fix directors' qualifications.