Section 102.041. Bank holding companies; banks in organization

(a) The definition of ‘‘bank’’ in section 102(d) of the act (70 P. S. § 1-102(d)) does not include a holding company for a bank.

(b) The definition of ‘‘bank’’ in section 102(d) of the act (70 P. S. § 1-102(d)) does not include a bank-in-organization. Whether an entity is a ‘‘bank’’ or a ‘‘bank-in-organization’’ shall be determined in accordance with the interpretation of the primary regulatory authority responsible for administration of the banking laws under which the entity is being formed or with which it shall otherwise comply.

The provisions of this § 102.041 adopted May 31, 1974, effective June 1, 1974, 4 Pa.B. 1085; corrected September 7, 1990, effective August 4, 1990, 20 Pa.B. 4713; amended July 11, 2003, effective July 12, 2003, 33 Pa.B. 3365; transferred and renumbered from 64 Pa. Code § 102.041, December 14, 2012, effective December 15, 2012, 42 Pa.B. 7533. Immediately preceding text appears at serial page (317557).

Notation

Authority

The provisions of this § 102.041 amended under section 102(d), (k) and (t) and 609(a) of the Pennsylvania Securities Act of 1972 (70 P. S. § § 1-102(d), (k) and (t) and 1-609(a)).

Cross References

This section cited in 10 Pa. Code § 102.111 (relating to institutional investor).