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Can you summarize 17 PACS Chapter 13?
CREDIT UNIONS > DISSOLUTION
Short Summary
The legal document outlines the procedure for the voluntary dissolution of credit unions in Pennsylvania. It requires the adoption of a plan of dissolution by the credit union’s directors, followed by a membership vote and the election of liquidating trustees. The document specifies the responsibilities of the liquidating trustees, including the collection and distribution of assets, notification of creditors and members, and the advertisement of the voluntary liquidation plan. Claims must be presented within 90 days, and rejected or disallowed claims must be brought to action within 90 days after notice. If the Department of State takes possession of the credit union, the National Credit Union Administration may be appointed for liquidation. The document also governs the involuntary dissolution of credit unions if they fail to exercise their powers or open for business within a specified time. In such cases, the Department of State issues a certificate of dissolution, and the credit union’s existence comes to an end. The document also mentions an amendment made in 2002, which added section 1306 to the law. Upon completion of the liquidation and settlement, the Department of State executes and files articles of dissolution, officially ceasing the existence of the credit union. No tax clearance certificate or fee is required for filing the articles of dissolution.
Whom does it apply to?
The document applies to credit unions in Pennsylvania.
What does it govern?
The legal document governs the voluntary and involuntary dissolution of credit unions in Pennsylvania.
What are exemptions?
No exemptions are mentioned in the document.
What are the Penalties?
No penalties are mentioned in the document.
Jurisdiction
Pennsylvania