Section 61.1. Scope

(a) Chapter 41 of the BCL (relating to foreign business corporations), and this chapter apply to foreign corporations for profit, except the following:

(1) One or more of the following institutions or similar Federally chartered institutions engaged in this Commonwealth in activities similar to those conducted by banking institutions, saving associations or credit unions:

(i) National banking associations organized under The National Bank Act, the act of June 3, 1864 (13 Stat. 99) (12 U.S.C.A. § § 1—392).

(ii) Federal savings and loan associations and Federal mutual savings banks organized under the Home Owners’ Loan Act of 1933 (12 U.S.C.A. § § 1461—1463b, 1464—1466a, 1467, 1467a and 1468).

(iii) Federal credit unions organized under the Federal Credit Union Act (12 U.S.C.A. § § 1751, 1752, 1752a—1756, 1757—1761d, 1762—1772c, 1781—1789a, 1790 and 1795—1795k).

(2) Other Federal corporations intended by the Congress to be treated for state law purposes as a domestic corporation of this Commonwealth.

(b) As a result of subsection (a), this chapter governs the qualification of foreign banks and savings associations, all of which are foreign business corporations within the meaning of the BCL, notwithstanding the fact that none of these types of corporations could be incorporated as a domestic business corporation under the BCL.

The provisions of this § 61.1 adopted April 17, 1992, effective April 18, 1992, 22 Pa.B. 1993.