Section 21.51. Executive officer

(a) For purposes of sections 1414 and 1415 of the Banking Code of 1965 (7 P. S. § § 1414 and 1415), an ‘‘executive officer’’ of an institution or affiliate is defined as a person who participates or has authority to participate in major policymaking functions of the institution or affiliate, whether or not such person has an official title, has a title which designates such person an assistant, or is serving without salary or other compensation. The chairman of the board, the president, every vice president, the cashier, the secretary, and the treasurer of the institution or affiliate is considered an executive officer unless any such person is excluded by resolution of a board of directors or by the bylaws of the institution or affiliate from participation in major policymaking functions of the institution or affiliate and such person does not actually so participate.

(b) A director or trustee of an institution or affiliate, when acting solely in the capacity of a director or trustee, is not an executive officer for purposes of sections 1414 and 1415 of the Banking Code of 1965 (7 P. S. § § 1414 and 1415).

The provisions of this § 21.51 adopted August 1, 1980, effective August 2, 1980, 10 Pa.B. 3185; amended March 11, 1983, effective March 12, 1983, 13 Pa.B. 972. Immediately preceding text appears at serial page (53077).

Notation

Authority

The provisions of this § 21.51 issued under section 1414 of the Banking Code of 1965 (7 P. S. § 1414).