Section 37.5. Special service corporations

Latest version.

An association may form a service corporation or invest in the capital stock, obligations or other securities of a service corporation, other than as provided in § 37.1 (relating to service corporations generally) if the purpose of such additional activities is authorized for service corporations by the Federal Home Loan Bank Board and the Department together, or authorized solely by the Department.

Notation

Notes of Decisions

Approval

The Secretary of Banking erred in concluding that request for approval for third party brokerage service was properly adjudicated on a case by case basis. Miller v. Commonwealth Department of Banking, 487 A.2d 1059 (Pa. Cmwlth. 1985).

                    
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