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10 Pa. Code § 31a.12.  Surrender of trust powers.

§ 31a.12.  Surrender of trust powers.

 (a)  Any association which has been granted the right to exercise trust powers and which desires to surrender such rights shall file with the Department a certified copy of the resolution of its board of directors signifying such desire.

 (b)  Upon receipt of such resolution, the Department will make an investigation; and, if it is satisfied that the association has been discharged from all fiduciary duties which it has undertaken, it will issue a certificate to such association certifying that it is no longer authorized to exercise fiduciary powers.

 (c)  Upon issuance of such a certificate by the Department, an association may:

   (1)  No longer be subject to the provisions of this chapter.

   (2)  Not exercise thereafter any of the powers granted by this chapter without first applying for and obtaining new authorization to exercise such powers.

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