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Can you summarize 19 PACO Section 17.6?
NAMES GENERALLY > Banking names.
Short Summary
This legal document, found in the Pennsylvania Code, pertains to the naming requirements for corporations and business associations in Pennsylvania. It outlines the characteristics that would result in the Department refusing to approve a corporate name or register a fictitious name. The document prohibits names that are deceptively similar to institutions subject to the Banking Code and names that contain certain banking-related words, unless specific exemptions apply. The exemptions include various financial institutions and organizations. Additionally, the document specifies that business corporations and nonprofit corporations may not imply that they are banks or trust companies unless authorized by statute. The document also mentions restrictions on fictitious names implying banking-related entities, which require approval from the Department of Banking. No specific penalties are mentioned in this document.
Whom does it apply to?
Corporations, business associations, nonprofit corporations, and registered entities in Pennsylvania
What does it govern?
Names for corporations and business associations in Pennsylvania
What are exemptions?
The exemptions include institutions subject to the Banking Code, Federal Reserve Banks, National banks, Federal Intermediate Credit Banks, Federal Land Banks, Federal Home Loan Banks, Banks for Cooperatives, the International Bank for Reconstruction and Development, the Inter-American Development Bank, and Pennsylvania bank holding companies.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Pennsylvania