Bill Information

An Act amending the act of November 30, 1965 (P. L. 847, No. 356), entitled "Banking Code of 1965," providing for Statewide and nationwide branching by savings banks and for regional, reciprocal interstate banking for savings banks; permitting savings banks to take demand deposits; further providing for the articles of incorporation and classes of stock of banking institutions; granting additional powers to savings banks; clarifying the right of directors, trustees and officers to consider the effect of an institution's actions upon employees, depositors, borrowers and others; providing for interested shareholder transactions; conferring certain rights on noncontrolling shareholders of institutions and national banks; revising provisions for savings banks' conversion to stock form; and making repeals.