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Can you summarize 17 PACS Chapter 3?
CREDIT UNIONS > INCORPORATION
Short Summary
This legal document governs the incorporation of credit unions in Pennsylvania. It applies to credit unions and outlines the purposes for which a credit union may be incorporated. These purposes include promoting thrift among members, providing a source of credit at reasonable rates of interest, and allowing members to use and control their own money on a democratic basis to improve their economic and social condition. Additionally, the document mentions that central or corporate credit unions formed to serve other credit unions may also be incorporated under this title. These central or corporate credit unions have specific purposes such as managing liquidity, acting as intermediaries for credit union funds, obtaining liquid funds from other sources, and fostering economic security and growth of member credit unions. No exemptions or penalties are mentioned in this document.
Whom does it apply to?
Credit unions in Pennsylvania
What does it govern?
Incorporation of credit unions in Pennsylvania
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Pennsylvania