Pennsylvania § 523 - Actions by shareholders or members to enforce a secondary right.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 523 — Actions by shareholders or members to enforce a secondary right., with citation guidance and answers to common questions.
§ 523. Actions by shareholders or members to enforce a secondary right.
(a) General rule.--A banking institution shall be governed by the provisions of Subchapter F of Chapter 17 (relating to derivative actions).
(b) Security for costs.--(Deleted by amendment).
(c) Definitions.--When applying the provisions of Subchapter F of Chapter 17, the following words and phrases shall have the meanings given to them in this subsection:
"Director." Includes any individual performing the function of director, regardless of title.
"Member." Includes depositors in a mutual banking institution.
"Shares." Includes outstanding contracts or accounts of members in a mutual banking institution.
(Dec. 19, 1990, P.L.834, No.198, eff. imd.; Nov. 21, 2016, P.L.1328, No.170, eff. 90 days; Nov. 3, 2022, P.L.1791, No.122, eff. 60 days)
Source: official Pennsylvania text · Last verified 2026-08-27
Frequently Asked Questions About Pennsylvania § 523
What does Pennsylvania Consolidated Statutes § 523 cover?
Section 523 ("Actions by shareholders or members to enforce a secondary right.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Pennsylvania § 523?
A common citation format is "Pennsylvania Consolidated Statutes § 523" (Pennsylvania). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 523 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Pennsylvania.