A nonstock, nonprofit corporation is hereby created, which shall be known as the Pennsylvania Savings Association Insurance Corporation and the members of which shall be certain eligible associations of this Commonwealth as defined in section 1 . Except as otherwise provided in this act, the corporation possesses all the powers, privileges and immunities which now are or hereafter may be conferred on corporations by the General Corporation Law applicable to corporations organized thereunder.
7 P.S. § 6502