Source: http://law.onecle.com/pennsylvania/corporations-and-unincorporated-associations/index.html
Timestamp: 2015-05-29 10:08:40
Document Index: 66554128

Matched Legal Cases: ['§ 101', '§ 102', '§ 103', '§ 104', '§ 105', '§ 106', '§ 107', '§ 108', '§ 108', '§ 109', '§ 109', '§ 110', '§ 131', '§ 132', '§ 133', '§ 134', '§ 135', '§ 136', '§ 137', '§ 137', '§ 138', '§ 139', '§ 140', '§ 140', '§ 151', '§ 152', '§ 153', '§ 154', '§ 155', '§ 161', '§ 162', '§ 162', '§ 501', '§ 502', '§ 503', '§ 504', '§ 505', '§ 506', '§ 507', '§ 511', '§ 512', '§ 513', '§ 514', '§ 515', '§ 516', '§ 517', '§ 518', '§ 521', '§ 522', '§ 523', '§ 523', '§ 1101', '§ 1102', '§ 1103', '§ 1104', '§ 1105', '§ 1106', '§ 1107', '§ 1107', '§ 1108', '§ 1109', '§ 1110', '§ 1301', '§ 1302', '§ 1303', '§ 1304', '§ 1305', '§ 1306', '§ 1307', '§ 1308', '§ 1309', '§ 1310', '§ 1311', '§ 1311', '§ 1341', '§ 1501', '§ 1502', '§ 1503', '§ 1504', '§ 1505', '§ 1506', '§ 1507', '§ 1508', '§ 1509', '§ 1510', '§ 1511', '§ 1511', '§ 1512', '§ 1521', '§ 1522', '§ 1523', '§ 1524', '§ 1525', '§ 1526', '§ 1527', '§ 1528', '§ 1528', '§ 1529', '§ 1530', '§ 1531', '§ 1531', '§ 1532', '§ 1532', '§ 1551', '§ 1552', '§ 1553', '§ 1553', '§ 1554', '§ 1571', '§ 1572', '§ 1573', '§ 1574', '§ 1575', '§ 1576', '§ 1577', '§ 1578', '§ 1579', '§ 1580', '§ 1701', '§ 1702', '§ 1703', '§ 1704', '§ 1705', '§ 1706', '§ 1707', '§ 1708', '§ 1708', '§ 1709', '§ 1711', '§ 1712', '§ 1713', '§ 1714', '§ 1715', '§ 1716', '§ 1717', '§ 1718', '§ 1721', '§ 1722', '§ 1723', '§ 1724', '§ 1725', '§ 1726', '§ 1722', '§ 1723', '§ 1724', '§ 1725', '§ 1726', '§ 1727', '§ 1728', '§ 1729', '§ 1730', '§ 1731', '§ 1732', '§ 1733', '§ 1741', '§ 1742', '§ 1743', '§ 1744', '§ 1745', '§ 1746', '§ 1747', '§ 1748', '§ 1749', '§ 1750', '§ 1755', '§ 1756', '§ 1757', '§ 1758', '§ 1759', '§ 1760', '§ 1761', '§ 1762', '§ 1763', '§ 1764', '§ 1765', '§ 1766', '§ 1767', '§ 1767', '§ 1768', '§ 1769', '§ 1770', '§ 1770', '§ 1781', '§ 1782', '§ 1791', '§ 1792', '§ 1793', '§ 1901', '§ 1902', '§ 1903', '§ 1904']

Corporations And Unincorporated Associations - 15 Pa. Cons. Stat. - Pennsylvania Attorney Resources - Pennsylvania Laws
Corporations And Unincorporated Associations - 15 Pa. Cons. Stat.
§ 101. Short title and application of title.(a) Short title of title.--This title shall be known and may be cited as the Associations Code. (b) Application of title.--Except as otherwise provided in ...
§ 102. Definitions.Subject to additional or inconsistent definitions contained in subsequent provisions of this title that are applicable to specific provisions of this title, the following words ...
§ 103. Subordination of title to regulatory laws.(a) Regulatory laws unaffected.--This title is not intended to authorize any corporation or other association to do any act prohibited by any statute regulating the ...
§ 104. Equitable remedies.Except to the extent otherwise provided in this title in cases where a statutory remedy is provided by this title, the court shall have the ...
§ 105. Fees.(a) General rule.--The Department of State shall be entitled to receive for services performed, as required by this title and other applicable provisions of law, ...
§ 106. Effect of filing papers required to be filed.The filing of articles or of any other papers or documents pursuant to the provisions of this title is required for the purpose of affording ...
§ 107. Form of records.Any records maintained by a corporation or other association in the regular course of its business, including shareholder or membership records, books of account and ...
§ 108. Change in location or status of registered office provided by agent.§ 108. Change in location or status of registered office provided by agent. (a) General rule.--Where the registered office of a corporation or other association ...
§ 109. Name of commercial registered office provider in lieu of registered address.§ 109. Name of commercial registered office provider in lieu of registered address. (a) General rule.--Where any provision of this title authorizes or requires the ...
§ 110. Supplementary general principles of law applicable.Unless displaced by the particular provisions of this title, the principles of law and equity, including, but not limited to, the law relating to principal ...
Subchapter B. Functions and Powers of Department of State
§ 131. Application of subchapter.As used in this subchapter, the term "this title" includes Titles 17 (relating to credit unions) and 54 (relating to names) and any other provision ...
§ 132. Functions of Department of State.(a) General rule.--The function of the Department of State under this title is to act in a manner comparable to the offices of recorder of ...
§ 133. Powers of Department of State.(a) General rule.--The Department of State shall have the power and authority reasonably necessary to enable it to administer this subchapter efficiently and to perform ...
§ 134. Docketing statement.(a) General rule.--The Department of State may, but shall not be required to, prescribe by regulation one or more official docketing statement forms designed to ...
§ 135. Requirements to be met by filed documents.(a) General rule.--A document shall be accepted for filing by the Department of State if it satisfies the following requirements: (1) The document purports on ...
§ 136. Processing of documents by Department of State.(a) Filing of documents.--If a document conforms to section 135 (relating to requirements to be met by filed documents) the Department of State shall forthwith ...
§ 137. Court to pass upon rejection of documents by Department of State.§ 137. Court to pass upon rejection of documents by Department of State. (a) General rule.--Whenever the Department of State rejects a document delivered for ...
§ 138. Statement of correction.(a) Filing of statement.--Whenever any document authorized or required to be filed in the Department of State by any provision of this title has been ...
§ 139. Tax clearance of certain fundamental transactions.(a) General rule.--Except as provided in subsection (c), a domestic association shall not file articles or a certificate of merger or consolidation effecting a merger ...
§ 140. Custody and management of orphan corporate and business records.§ 140. Custody and management of orphan corporate and business records. (a) General rule.--Any orphan corporate and business record under the custody or control of ...
Subchapter C. Corporation Bureau and UCC Fees
§ 151. Short title and application of subchapter.(a) Short title.--This subchapter shall be known and may be cited as the Corporation Bureau and UCC Fee Law. (b) Application.--This subchapter contains an enumeration ...
§ 152. Definitions.The following words and phrases when used in this subchapter shall have the meanings given to them in this section unless the context clearly indicates ...
§ 153. Fee schedule.(a) General rule.--(Repealed). (b) Daily listings.--The bureau may provide listings or copies of microfilm, or both, of complete daily filings of any class of documents ...
§ 154. Enforcement and collection.(a) General rule.-- (1) The department shall not be required to receive or file any document or paper unless the same shall be accompanied by ...
§ 155. Disposition of funds.(a) Establishment of restricted account.--(Repealed). (b) Expenditures.--The Department of State shall submit a budget for the operation or modernization of the Corporation Bureau to the ...
Subchapter D. Definitive and Contingent Domestication of
§ 161. Domestication of certain alien associations.(a) General rule.--Except as restricted by subsection (e), any association as defined in subsection (f) may become a domestic association by filing in the Department ...
§ 162. Contingent domestication of certain alien associations.§ 162. Contingent domestication of certain alien associations. (a) General rule.--Any association as defined in subsection (i) may become a contingent domestic association by filing ...
SUBPART A. CORPORATIONS GENERALLY
Chapter 5. Corporations
§ 501. Reserved power of General Assembly.(a) General rule.--All charters of private corporations and all present and future common or statutory law with respect to the formation or regulation of private ...
§ 502. Application of chapter.(a) General rule.--Except as otherwise provided in the scope provisions of subsequent provisions of this chapter, this chapter shall apply to and the word "corporation" ...
§ 503. Actions to revoke corporate franchises.(a) General rule.--The Attorney General may institute proceedings to revoke the articles and franchises of a corporation if it: (1) misused or failed to use ...
§ 504. Validation of certain defective corporations.Where heretofore or hereafter any act has been or may be done or any transfer or conveyance of any property has been or may be ...
§ 505. Validation of certain defective corporate acts.Where any corporation governed by this part or created or intended to be created or governed by any statute supplied or repealed by this part ...
§ 506. Scope and duration of certain franchises.(a) General rule.--Except as provided in subsection (b), whenever any corporation has sold, assigned, disposed of and conveyed all or any part of its franchises ...
§ 507. Validation of certain share authorizations.(a) General rule.--Where heretofore any domestic corporation for profit shall have redeemed and canceled any shares subject to redemption and cancellation, acquired its own shares ...
Subchapter B. Fiduciary Duty and Indemnification
§ 511. Application and effect of subchapter.(a) General rule.--This subchapter shall apply to and the terms "corporation" or "domestic corporation" in this subchapter shall mean a domestic corporation except: (1) A ...
§ 512. Standard of care and justifiable reliance.(a) Directors.--A director of a domestic corporation shall stand in a fiduciary relation to the corporation and shall perform his duties as a director, including ...
§ 513. Personal liability of directors.(a) General rule.--If a bylaw adopted by the shareholders entitled to vote or members entitled to vote of a domestic corporation so provides, a director ...
§ 514. Notation of dissent.A director of a domestic corporation who is present at a meeting of its board of directors, or of a committee of the board, at ...
§ 515. Exercise of powers generally.(a) General rule.--In discharging the duties of their respective positions, the board of directors, committees of the board and individual directors of a domestic corporation ...
§ 516. Alternative standard.(a) General rule.--In discharging the duties of their respective positions, the board of directors, committees of the board and individual directors of a domestic corporation ...
§ 517. Limitation on standing.The duty of the board of directors, committees of the board and individual directors under section 512 (relating to standard of care and justifiable reliance) ...
§ 518. Nonexclusivity and supplementary coverage.(a) General rule.--The indemnification and advancement of expenses provided by or pursuant to section 522 (relating to indemnification of authorized representatives) or any other provisions ...
Subchapter C. Provisions Applicable to Particular Types
§ 521. Pensions and allowances.A banking institution or a savings association may grant allowances or pensions to officers, directors and employees for faithful and long-continued services and, after the ...
§ 522. Indemnification of authorized representatives.A banking institution or a savings association shall be governed by the provisions of Subchapter D of Chapter 17 (relating to indemnification). (Dec. 19, 1990, ...
§ 523. Actions by shareholders or members to enforce a secondary right.§ 523. Actions by shareholders or members to enforce a secondary right. (a) General rule.--In any action brought to enforce a secondary right on the ...
SUBPART B. BUSINESS CORPORATIONS
§ 1101. Short titles.(a) Title of subpart.--This subpart shall be known and may be cited as the Business Corporation Law of 1988. (b) Prior law.--The act of May ...
§ 1102. Application of subpart.(a) General rule.--Except as otherwise provided in this section, in the scope provisions of subsequent provisions of this subpart or where the context clearly indicates ...
§ 1103. Definitions.Subject to additional definitions contained in subsequent provisions of this subpart that are applicable to specific provisions of this subpart, the following words and phrases ...
§ 1104. Other general provisions.The following provisions of this title are applicable to corporations subject to this subpart: Section 101 (relating to short title and application of title). Section ...
§ 1105. Restriction on equitable relief.A shareholder of a business corporation shall not have any right to obtain, in the absence of fraud or fundamental unfairness, an injunction against any ...
§ 1106. Uniform application of subpart.(a) General rule.--Except as provided in subsection (b), this subpart and its amendments are intended to provide uniform rules for the government and regulation of ...
§ 1107. (Reserved).§ 1107. (Reserved). (Dec. 19, 1990, P.L.834, No.198, eff. imd.) 1990 Amendment. Act 198 renumbered section 1107 to section 1108 and added a new section ...
§ 1108. Limitation on incorporation.A corporation that can be incorporated under this subpart shall not be incorporated except under the provisions of this subpart. (Dec. 19, 1990, P.L.834, No.198, ...
§ 1109. Execution of documents.(a) General rule.--Any document filed in the Department of State under this title by a domestic or foreign business corporation subject to this subpart may ...
§ 1110. Annual report information.The Department of State shall make available as public information for inspection and copying the names of the president, vice-president, secretary and treasurer and the ...
ARTICLE B. DOMESTIC BUSINESS CORPORATIONS
Chapter 13. Incorporation
Subchapter A. Incorporation Generally
§ 1301. Purposes.Corporations may be incorporated under this subpart for any lawful purpose or purposes. Unless otherwise restricted in its articles, every business corporation has as its ...
§ 1302. Number and qualifications of incorporators.One or more corporations for profit or not-for-profit or natural persons of full age may incorporate a business corporation under the provisions of this subpart. ...
§ 1303. Corporate name.(a) General rule.--The corporate name may be in any language, but must be expressed in Roman letters or characters or Arabic or Roman numerals, and ...
§ 1304. Required name changes by senior corporations.(a) Adoption of new name upon reactivation.--Where a corporate name is made available on the basis that the corporation or other association that formerly registered ...
§ 1305. Reservation of corporate name.(a) General rule.--The exclusive right to the use of a corporate name may be reserved by any person. The reservation shall be made by delivering ...
§ 1306. Articles of incorporation.(a) General rule.--Articles of incorporation shall be signed by each of the incorporators and shall set forth in the English language: (1) The name of ...
§ 1307. Advertisement.The incorporators or the corporation shall officially publish a notice of intention to file or of the filing of articles of incorporation. The notice may ...
§ 1308. Filing of articles.(a) General rule.--The articles of incorporation shall be filed in the Department of State. (b) Cross reference.--See section 134 (relating to docketing statement). ...
§ 1309. Effect of filing of articles of incorporation.(a) Corporate existence.--Upon the filing of the articles of incorporation in the Department of State or upon the effective date specified in the articles of ...
§ 1310. Organization meeting.(a) General rule.--After the corporate existence begins, an organization meeting of the initial directors or, if directors are not named in the articles, of the ...
§ 1311. Filing of statement of summary of record by certain corporations.§ 1311. Filing of statement of summary of record by certain corporations. (a) General rule.--Where any of the charter documents of a business corporation are ...
Subchapter B. Revival
§ 1341. Statement of revival.(a) General rule.--Any business corporation whose charter or articles have been forfeited by proclamation of the Governor pursuant to section 1704 of the act of ...
Chapter 15. Corporate Powers, Duties and Safeguards
§ 1501. Corporate capacity.Except as provided in section 103 (relating to subordination of title to regulatory laws), a business corporation shall have the legal capacity of natural persons ...
§ 1502. General powers.(a) General rule.--Subject to the limitations and restrictions imposed by statute or contained in its articles, every business corporation shall have power: (1) To have ...
§ 1503. Defense of ultra vires.(a) General rule.--A limitation upon the business, purposes or powers of a business corporation, expressed or implied in its articles or bylaws or implied by ...
§ 1504. Adoption, amendment and contents of bylaws.(a) General rule.--Except as otherwise provided in this subpart, the shareholders entitled to vote shall have the power to adopt, amend and repeal the bylaws ...
§ 1505. Persons bound by bylaws.Except as otherwise provided by section 1713 (relating to personal liability of directors) or any similar provision of law, the bylaws of a business corporation ...
§ 1506. Form of execution of instruments.(a) General rule.--Any form of execution provided in the articles or bylaws to the contrary notwithstanding, any note, mortgage, evidence of indebtedness, contract or other ...
§ 1507. Registered office.(a) General rule.--Every business corporation shall have and continuously maintain in this Commonwealth a registered office which may, but need not, be the same as ...
§ 1508. Corporate records; inspection by shareholders.(a) Required records.--Every business corporation shall keep complete and accurate books and records of account, minutes of the proceedings of the incorporators, shareholders and directors ...
§ 1509. Bylaws and other powers in emergency.(a) General rule.--Except as otherwise restricted in the bylaws, the board of directors of any business corporation may adopt emergency bylaws, subject to repeal or ...
§ 1510. Certain specifically authorized debt terms.(a) Interest rates.--A business corporation shall not plead or set up usury, or the taking of more than the lawful rate of interest, or the ...
§ 1511. Additional powers of certain public utility corporations.§ 1511. Additional powers of certain public utility corporations. (a) General rule.--A public utility corporation shall, in addition to any other power of eminent domain ...
§ 1512. Informational rights of a director.(a) General rule.--To the extent reasonably related to the performance of the duties of the director, including those arising from service as a member of ...
Subchapter B. Shares and Other Securities
§ 1521. Authorized shares.(a) General rule.--Every business corporation shall have power to create and issue the number of shares stated in its articles. The shares may consist of ...
§ 1522. Issuance of shares in classes or series; board action.(a) General rule.--The division of shares into classes and into series within any class, the determination of the designation and the number of shares of ...
§ 1523. Pricing and issuance of shares.Except as otherwise restricted in the bylaws, shares of a business corporation may be issued at a price determined by the board of directors, or ...
§ 1524. Payment for shares.(a) General rule.--Consideration for shares, unless otherwise restricted in the bylaws: (1) May consist of money, obligations (including an obligation of a shareholder), services performed ...
§ 1525. Stock rights and options.(a) General rule.--Except as otherwise provided in its articles prior to the creation and issuance thereof, a business corporation may create and issue (whether or ...
§ 1526. Liability of shareholders.(a) General rule.--A shareholder of a business corporation shall not be liable, solely by reason of being a shareholder, under an order of a court ...
§ 1527. Issuance of fractional shares or scrip.(a) General rule.--A business corporation may but shall not be required to create and issue fractions of a share, either represented by a certificate or ...
§ 1528. Shares represented by certificates and uncertificated shares.§ 1528. Shares represented by certificates and uncertificated shares. (a) General rule.--The shares of a business corporation shall be represented by certificates or shall be ...
§ 1529. Transfer of securities; restrictions.(a) General rule.--The transfer of securities of a business corporation may be regulated by any provisions of the bylaws that are not inconsistent with 13 ...
§ 1530. Preemptive rights of shareholders.(a) General rule.--Except as otherwise provided in the articles, a business corporation may issue shares, option rights or securities having conversion or option rights, or ...
§ 1531. Voting powers and other rights of certain securityholders and other entities.§ 1531. Voting powers and other rights of certain securityholders and other entities. The power to vote in respect to the corporate affairs and management ...
§ 1532. Effect of failure to surrender securities converted by reorganization.§ 1532. Effect of failure to surrender securities converted by reorganization. Whenever any outstanding securities of a business corporation are converted into new shares or ...
Subchapter C. Corporate Finance
§ 1551. Distributions to shareholders.(a) General rule.--Unless otherwise restricted in the bylaws, the board of directors may authorize and a business corporation may make distributions. A provision in the ...
§ 1552. Power of corporation to acquire its own shares.(a) General rule.--A business corporation shall have the power to acquire its own shares. If the articles provide that shares acquired by the corporation shall ...
§ 1553. Liability for unlawful dividends and other distributions.§ 1553. Liability for unlawful dividends and other distributions. (a) Directors.--Except as otherwise provided pursuant to section 1713 (relating to personal liability of directors), a ...
§ 1554. Financial reports to shareholders.(a) General rule.--Except as otherwise provided in subsection (d) or unless otherwise agreed between a business corporation and a shareholder, every corporation shall furnish to ...
Subchapter D. Dissenters Rights
§ 1571. Application and effect of subchapter.(a) General rule.--Except as otherwise provided in subsection (b), any shareholder (as defined in section 1572 (relating to definitions)) of a business corporation shall have ...
§ 1572. Definitions.The following words and phrases when used in this subchapter shall have the meanings given to them in this section unless the context clearly indicates ...
§ 1573. Record and beneficial holders and owners.(a) Record holders of shares.--A record holder of shares of a business corporation may assert dissenters rights as to fewer than all of the shares ...
§ 1574. Notice of intention to dissent.If the proposed corporate action is submitted to a vote at a meeting of shareholders of a business corporation, any person who wishes to dissent ...
§ 1575. Notice to demand payment.(a) General rule.--If the proposed corporate action is approved by the required vote at a meeting of shareholders of a business corporation, the corporation shall ...
§ 1576. Failure to comply with notice to demand payment, etc.(a) Effect of failure of shareholder to act.--A shareholder who fails to timely demand payment, or fails (in the case of certificated shares) to timely ...
§ 1577. Release of restrictions or payment for shares.(a) Failure to effectuate corporate action.--Within 60 days after the date set for demanding payment and depositing certificates, if the business corporation has not effectuated ...
§ 1578. Estimate by dissenter of fair value of shares.(a) General rule.--If the business corporation gives notice of its estimate of the fair value of the shares, without remitting such amount, or remits payment ...
§ 1579. Valuation proceedings generally.(a) General rule.--Within 60 days after the latest of: (1) effectuation of the proposed corporate action; (2) timely receipt of any demands for payment under ...
§ 1580. Costs and expenses of valuation proceedings.(a) General rule.--The costs and expenses of any proceeding under section 1579 (relating to valuation proceedings generally), including the reasonable compensation and expenses of the ...
Chapter 17. Officers, Directors and Shareholders
§ 1701. Applicability of subchapter.(a) General rule.--The provisions of this subchapter shall apply to every business corporation unless otherwise restricted: (1) by any other provision of this subpart; or ...
§ 1702. Manner of giving notice.(a) General rule.-- (1) Any notice required to be given to any person under the provisions of this subpart or by the articles or bylaws ...
§ 1703. Place and notice of meetings of board of directors.(a) Place.--Meetings of the board of directors may be held at such place within or without this Commonwealth as the board of directors may from ...
§ 1704. Place and notice of meetings of shareholders.(a) Place.--Meetings of shareholders may be held at such geographic location within or without this Commonwealth as may be provided in or fixed pursuant to ...
§ 1705. Waiver of notice.(a) Written waiver.--Whenever any written notice is required to be given under the provisions of this subpart or the articles or bylaws of any business ...
§ 1706. Modification of proposal contained in notice.Whenever the language of a proposed resolution is included in a written notice of a meeting required to be given under the provisions of this ...
§ 1707. Exception to requirement of notice.(a) General rule.--Whenever any notice or communication is required to be given to any person under the provisions of this subpart or by the articles ...
§ 1708. Use of conference telephone or other electronic technology.§ 1708. Use of conference telephone or other electronic technology. (a) Incorporators and directors.--Except as otherwise provided in the bylaws, one or more persons may ...
§ 1709. Conduct of shareholders meeting.(a) Presiding officer.--There shall be a presiding officer at every meeting of the shareholders. The presiding officer shall be appointed in the manner provided in ...
Subchapter B. Fiduciary Duty
§ 1711. Alternative provisions.(a) General rule.--Section 1716 (relating to alternative standard) shall not be applicable to any business corporation to which section 1715 (relating to exercise of powers ...
§ 1712. Standard of care and justifiable reliance.(a) Directors.--A director of a business corporation shall stand in a fiduciary relation to the corporation and shall perform his duties as a director, including ...
§ 1713. Personal liability of directors.(a) General rule.--If a bylaw adopted by the shareholders of a business corporation so provides, a director shall not be personally liable, as such, for ...
§ 1714. Notation of dissent.A director of a business corporation who is present at a meeting of its board of directors, or of a committee of the board, at ...
§ 1715. Exercise of powers generally.(a) General rule.--In discharging the duties of their respective positions, the board of directors, committees of the board and individual directors of a business corporation ...
§ 1716. Alternative standard.(a) General rule.--In discharging the duties of their respective positions, the board of directors, committees of the board and individual directors of a business corporation ...
§ 1717. Limitation on standing.The duty of the board of directors, committees of the board and individual directors under section 1712 (relating to standard of care and justifiable reliance) ...
§ 1718. Inconsistent articles ineffective.Except as otherwise expressly provided in this subchapter, the articles may not contain any provision that relaxes, restricts, is inconsistent with or supersedes any provision ...
Subchapter C. Directors and Officers
§ 1721. Board of directors.§ 1722. Qualifications of directors. § 1723. Number of directors. § 1724. Term of office of directors. § 1725. Selection of directors. § 1726. Removal ...
§ 1722. Qualifications of directors.(a) General rule.--Each director of a business corporation shall be a natural person of full age who, unless otherwise restricted in the bylaws, need not ...
§ 1723. Number of directors.(a) General rule.--The board of directors of a business corporation shall consist of one or more members. The number of directors shall be fixed by, ...
§ 1724. Term of office of directors.(a) General rule.--Each director of a business corporation shall hold office until the expiration of the term for which he was selected and until his ...
§ 1725. Selection of directors.(a) General rule.--Except as otherwise provided in this section, directors of a business corporation, other than those constituting the first board of directors, shall be ...
§ 1726. Removal of directors.(a) Removal by the shareholders.-- (1) Unless otherwise provided in a bylaw adopted by the shareholders, the entire board of directors, or a class of ...
§ 1727. Quorum of and action by directors.(a) General rule.--Unless otherwise provided in the bylaws, a majority of the directors in office of a business corporation shall be necessary to constitute a ...
§ 1728. Interested directors or officers; quorum.(a) General rule.--A contract or transaction between a business corporation and one or more of its directors or officers or between a business corporation and ...
§ 1729. Voting rights of directors.(a) General rule.--Unless otherwise provided in a bylaw adopted by the shareholders, every director of a business corporation shall be entitled to one vote. (b) ...
§ 1730. Compensation of directors.Except as otherwise restricted in the bylaws, the board of directors of a business corporation shall have the authority to fix the compensation of directors ...
§ 1731. Executive and other committees of the board.(a) Establishment and powers.--Unless otherwise restricted in the bylaws: (1) The bylaws or the board of directors of a business corporation may establish one or ...
§ 1732. Officers.(a) General rule.--Every business corporation shall have a president, a secretary and a treasurer, or persons who shall act as such, regardless of the name ...
§ 1733. Removal of officers and agents.Any officer or agent of a business corporation may be removed by the board of directors with or without cause. The removal shall be without ...
Subchapter D. Indemnification
§ 1741. Third-party actions.Unless otherwise restricted in its bylaws, a business corporation shall have power to indemnify any person who was or is a party or is threatened ...
§ 1742. Derivative and corporate actions.Unless otherwise restricted in its bylaws, a business corporation shall have power to indemnify any person who was or is a party, or is threatened ...
§ 1743. Mandatory indemnification.To the extent that a representative of a business corporation has been successful on the merits or otherwise in defense of any action or proceeding ...
§ 1744. Procedure for effecting indemnification.Unless ordered by a court, any indemnification under section 1741 (relating to third-party actions) or 1742 (relating to derivative and corporate actions) shall be made ...
§ 1745. Advancing expenses.Expenses (including attorneys' fees) incurred in defending any action or proceeding referred to in this subchapter may be paid by a business corporation in advance ...
§ 1746. Supplementary coverage.(a) General rule.--The indemnification and advancement of expenses provided by, or granted pursuant to, the other sections of this subchapter shall not be deemed exclusive ...
§ 1747. Power to purchase insurance.Unless otherwise restricted in its bylaws, a business corporation shall have power to purchase and maintain insurance on behalf of any person who is or ...
§ 1748. Application to surviving or new corporations.(a) General rule.--Except as provided in subsection (b), for the purposes of this subchapter, references to "the corporation" include all constituent corporations absorbed in a ...
§ 1749. Application to employee benefit plans.For purposes of this subchapter: (1) References to "other enterprises" shall include employee benefit plans and references to "serving at the request of the corporation" ...
§ 1750. Duration and extent of coverage.The indemnification and advancement of expenses provided by, or granted pursuant to, this subchapter shall, unless otherwise provided when authorized or ratified, continue as to ...
Subchapter E. Shareholders
§ 1755. Time of holding meetings of shareholders.(a) Regular meetings.--The bylaws of a business corporation may provide for the number and the time of meetings of shareholders. Except as otherwise provided in ...
§ 1756. Quorum.(a) General rule.--A meeting of shareholders of a business corporation duly called shall not be organized for the transaction of business unless a quorum is ...
§ 1757. Action by shareholders.(a) General rule.--Except as otherwise provided in this subpart or in a bylaw adopted by the shareholders, whenever any corporate action is to be taken ...
§ 1758. Voting rights of shareholders.(a) General rule.--Unless otherwise provided in the articles, every shareholder of a business corporation shall be entitled to one vote for every share standing in ...
§ 1759. Voting and other action by proxy.(a) General rule.-- (1) Every shareholder entitled to vote at a meeting of shareholders or to express consent or dissent to corporate action in writing ...
§ 1760. Voting by fiduciaries and pledgees.Shares of a business corporation standing in the name of a trustee or other fiduciary and shares held by an assignee for the benefit of ...
§ 1761. Voting by joint holders of shares.(a) General rule.--Where shares of a business corporation are held jointly or as tenants in common by two or more persons, as fiduciaries or otherwise: ...
§ 1762. Voting by corporations.(a) Voting in business corporation matters.--Any other domestic or foreign corporation for profit or not-for-profit that is a shareholder of a business corporation may vote ...
§ 1763. Determination of shareholders of record.(a) Fixing record date.--Unless otherwise restricted in the bylaws, the board of directors of a business corporation may fix a time prior to the date ...
§ 1764. Voting lists.(a) General rule.--The officer or agent having charge of the transfer books for shares of a business corporation shall make a complete list of the ...
§ 1765. Judges of election.(a) General rule.--Unless otherwise provided in a bylaw adopted by the shareholders: (1) Appointment.--In advance of any meeting of shareholders of a business corporation, the ...
§ 1766. Consent of shareholders in lieu of meeting.(a) Unanimous consent.--Unless otherwise restricted in the bylaws, any action required or permitted to be taken at a meeting of the shareholders or of a ...
§ 1767. Appointment of custodian of corporation on deadlock or other cause.§ 1767. Appointment of custodian of corporation on deadlock or other cause. (a) General rule.--Except as provided in subsection (b), upon application of any shareholder, ...
§ 1768. Voting trusts and other agreements among shareholders.(a) Voting trusts.--One or more shareholders of any business corporation may, by agreement in writing, transfer all or part of their shares to any person ...
§ 1769. Minors as securityholders.(a) General rule.--A business corporation may treat a minor who holds shares or obligations of the corporation as having capacity to receive and to empower ...
§ 1770. Interested shareholders (Repealed).§ 1770. Interested shareholders (Repealed). 1990 Repeal Note. Section 1770 was repealed December 19, 1990, P.L.834, No.198, effective immediately. ...
Subchapter F. Derivative Actions
§ 1781. (Reserved).SUBCHAPTER F DERIVATIVE ACTIONS Sec. 1781. (Reserved). 1782. Actions against directors and officers. Enactment. Subchapter F was added as Subchapter E December 21, 1988, P.L.1444, ...
§ 1782. Actions against directors and officers.(a) General rule.--Except as provided in subsection (b), in any action or proceeding brought to enforce a secondary right on the part of one or ...
Subchapter G. Judicial Supervision of Corporate Action
§ 1791. Corporate action subject to subchapter.(a) General rule.--This subchapter shall apply to and the term "corporate action" in this subchapter shall mean any of the following actions: (1) The election, ...
§ 1792. Proceedings prior to corporate action.(a) General rule.--Where under applicable law or the bylaws of a business corporation there has been a failure to hold a meeting to take corporate ...
§ 1793. Review of contested corporate action.(a) General rule.--Upon application of any person aggrieved by any corporate action, the court may hear and determine the validity of the corporate action. (b) ...
Chapter 19. Fundamental Changes
§ 1901. Omission of certain provisions from filed plans.(a) General rule.--A plan as filed in the Department of State under any provision of this chapter may omit all provisions of the plan except ...
§ 1902. Statement of termination.(a) General rule.--If a statement with respect to shares, articles of amendment or articles of merger, consolidation, exchange, division or conversion of a business corporation ...
§ 1903. Bankruptcy or insolvency proceedings.(a) General rule.--Whenever a business corporation is insolvent or in financial difficulty, the board of directors may, by resolution and without the consent of the ...
§ 1904. De facto transaction doctrine abolished.The doctrine of de facto mergers, consolidations and other fundamental transactions is abolished and the rules laid down by B