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Pennsylvania Statutes, Title 15

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Title 15, CORPORATIONS AND UNINCORPORATED ASSOCIATIONS

42 chapters · 1,033 sections in this title.

All chapters in Title 151,033 Ch 57, Officers, Directors and Members69 Ch 17, Officers, Directors and Shareholders66 Ch 86, Limited Partnerships61 Ch 25, Registered Corporations57 Ch 59, Amendments, Sale of Assets and Disso…57 Ch 88, Limited Liability Companies57 Ch 3, Entity Transactions56 Ch 19, Fundamental Changes54 Ch 84, General Partnerships48 Ch 15, Corporate Powers, Duties and Safeguards39 Ch 1, General Provisions38 Ch 55, Corporate Powers, Duties and Safeguards34 Ch 73, Electric Cooperative Corporations32 Ch 91, Unincorporated Nonprofit Associations29

1,033 sections·Filtered byTitle 15✕

15 Pa.C.S. § 1577 Release of restrictions or payment for shares
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(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 the proposed corporate action, it shall return any certificates that have been deposited and release u…
15 Pa.C.S. § 1578 Estimate by dissenter of fair value of shares
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(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 of its estimate of the fair value of a dissenter's shares as permitted by section 1577(c) (relating to payment of fair val…
15 Pa.C.S. § 1579 Valuation proceedings generally
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(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 section 1575 (relating to notice to demand payment); or (3) timely receipt of any estimates pursuant to section 1578 (rela…
15 Pa.C.S. § 1580 Costs and expenses of valuation proceedings
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(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 appraiser appointed by the court, shall be determined by the court and assessed against the busi…

Showing 201–250 of 1,033

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15 Pa.C.S. § 1701 Applicability of subchapter

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(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 (2) except with respect to section 1707(a) (relating to exception to requirement of notice), in the bylaws. (…

15 Pa.C.S. § 1702 Manner of giving notice

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(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 of any business corporation shall be given to the person either personally or by delivering a copy thereof: (i) By first class or express mail, …

15 Pa.C.S. § 1703 Place and notice of meetings of board of directors

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(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 time to time appoint or as may be designated in the notice of the meeting. (b) Notice.--Regular meetings of the board of directors may b…

15 Pa.C.S. § 1704 Place and notice of meetings of shareholders

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(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 the bylaws. Authority to provide for the location of a meeting of the shareholders includes the authority to determine to ho…

15 Pa.C.S. § 1705 Waiver of notice

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(a) General rule.--Whenever any notice is required to be given under the provisions of this subpart or the articles or bylaws of any business corporation, a waiver thereof which is filed with the secretary of the corporation in record form signed by the person or persons entitled…

15 Pa.C.S. § 1706 Modification of proposal contained in notice

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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 subpart or the articles or bylaws of any business corporation, the meeting considering the resolution may without further notice adopt it …

15 Pa.C.S. § 1707 Exception to requirement of notice

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(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 or bylaws of any business corporation or by the terms of any agreement or other instrument or as a condition precedent to taking a…

15 Pa.C.S. § 1708 Use of conference telephone or other electronic technology

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(a) Incorporators and directors.--Except as otherwise provided in the bylaws, one or more persons may participate in a meeting of the incorporators or the board of directors of a business corporation by means of conference telephone or other electronic technology by means of whic…

15 Pa.C.S. § 1709 Conduct of shareholders meeting

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(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 the bylaws or, in the absence of such provision, by the board of directors. If the bylaws are silent on the appointm…

15 Pa.C.S. § 1711 Alternative provisions

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(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 generally) is applicable. (b) Exceptions.--Section 1715 shall be applicable to: (1) Any registered corporat…

15 Pa.C.S. § 1712 Standard of care, justifiable reliance and business judgment rule

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(a) General rule.--A director of a business corporation shall stand in a fiduciary relation to the corporation and shall perform the duties of a director, including duties as a member of any committee of the board upon which the director may serve, in good faith, in a manner the …

15 Pa.C.S. § 1713 Personal liability of directors

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(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 monetary damages for any action taken unless: (1) the director has breached or failed to perform the duties of a director under…

15 Pa.C.S. § 1714 Presumption of assent

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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 which action on any corporate matter is taken on which the director is generally competent to act, shall be presumed to have assented to the action taken…

15 Pa.C.S. § 1715 Exercise of powers generally

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(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 may, in considering the best interests of the corporation, consider to the extent they deem appropriate: …

15 Pa.C.S. § 1716 Alternative standard

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(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 may, in considering the best interests of the corporation, consider the effects of any action upon employ…

15 Pa.C.S. § 1717 Limitation on standing

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The duty of the board of directors, committees of the board and individual directors under section 1712 (relating to standard of care, justifiable reliance and business judgment rule) is solely to the business corporation and not to any shareholder or creditor or any other person…

15 Pa.C.S. § 1718 Inconsistent articles ineffective

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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 of this subchapter. Section 1306(b)(2) (relating to other provisions authorized) shall not apply to this…

15 Pa.C.S. § 1719 Renunciation of business opportunities

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The articles of incorporation, or an action of the board of directors, may renounce any interest or expectancy of a business corporation in, or in being offered an opportunity to participate in, a specified business opportunity or specified classes or categories of business oppor…

15 Pa.C.S. § 1721 Board of directors

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(a) General rule.--Unless otherwise provided by statute or in a bylaw adopted by the shareholders, all powers enumerated in section 1502 (relating to general powers) and elsewhere in this title or otherwise vested by law in a business corporation shall be exercised by or under th…

15 Pa.C.S. § 1722 Qualifications of directors

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(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 be a resident of this Commonwealth or a shareholder of the corporation. Except as otherwise provided in this section, the qual…

15 Pa.C.S. § 1723 Number of directors

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(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, or in the manner provided in, the bylaws. If not so fixed, the number of directors shall be the same as that stated in the articles…

15 Pa.C.S. § 1724 Term of office of directors

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(a) General rule.--Each director of a business corporation shall hold office until the expiration of the term for which the director was selected and until a successor has been selected and qualified or until the director's earlier death, resignation or removal. Each director sha…

15 Pa.C.S. § 1725 Selection of directors

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(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 elected by the shareholders. A bylaw adopted by the shareholders may classify the directors with respect to t…

15 Pa.C.S. § 1726 Removal of directors

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(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 the board where the board is classified with respect to the power to select directors, or any individual director of a business co…

15 Pa.C.S. § 1727 Quorum of and action by directors

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(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 quorum for the transaction of business, and the acts of a majority of the directors present and voting at a meeting at wh…

15 Pa.C.S. § 1728 Interested directors or officers; quorum

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(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 another domestic or foreign corporation for profit or not-for-profit, partnership, joint venture, trust or other enterpri…

15 Pa.C.S. § 1729 Voting rights of directors

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(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) Multiple and fractional voting.--Any requirement of this subpart for the presence of or vote or other action by a speci…

15 Pa.C.S. § 1730 Compensation of directors

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(a) General rule.--Except as otherwise restricted in the bylaws, the board of directors of a business corporation has the authority to fix the compensation of directors for their services as directors, regardless of the personal interest of the directors. A director may be a sala…

15 Pa.C.S. § 1731 Executive and other committees of the board

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(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 more committees to consist of one or more directors of the corporation. (2) Any committee, to the extent provided in t…

15 Pa.C.S. § 1732 Officers

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(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 or title by which they may be designated, elected or appointed and may have such other officers as it may authorize from tim…

15 Pa.C.S. § 1733 Removal of officers and agents

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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 prejudice to the contract rights, if any, of any person so removed. Election or appointment of an officer or agent shall not of itself creat…

15 Pa.C.S. § 1734 Officer's standard of care and justifiable reliance

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(a) General rule.--Except as otherwise provided in the bylaws, an officer shall perform the officer's duties in good faith, in a manner the officer reasonably believes to be in the best interests of the business corporation and with such care, including reasonable inquiry, skill …

15 Pa.C.S. § 1735 Personal liability of officers

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(a) General rule.--If a bylaw adopted by the shareholders of a business corporation so provides, an officer shall not be personally liable, as such, for monetary damages for any action taken unless: (1) the officer has breached or failed to perform the duties of an officer under …

15 Pa.C.S. § 1741 Third-party actions

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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 to be made a party to any threatened, pending or completed action or proceeding, whether civil, criminal, administrative or investigat…

15 Pa.C.S. § 1742 Derivative and corporate actions

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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 to be made a party, to any threatened, pending or completed action by or in the right of the corporation to procure a judgment in its…

15 Pa.C.S. § 1743 Mandatory indemnification

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(a) General rule.--To the extent that a present or former director or officer of a business corporation has been successful on the merits or otherwise in defense of any action or proceeding referred to in section 1741 (relating to third-party actions) or 1742 (relating to derivat…

15 Pa.C.S. § 1744 Procedure for effecting indemnification

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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 by the business corporation only as authorized in the specific case upon a determination that indemnification o…

15 Pa.C.S. § 1745 Advancing expenses

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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 of the final disposition of the action or proceeding upon receipt of an undertaking by or on behalf of the represent…

15 Pa.C.S. § 1746 Supplementary coverage

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(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 of any other rights to which a person seeking indemnification or advancement of expenses may be entitled und…

15 Pa.C.S. § 1747 Power to purchase insurance

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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 was a representative of the corporation or is or was serving at the request of the corporation as a representative of another do…

15 Pa.C.S. § 1748 Application to surviving or new corporations

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(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 consolidation, merger or division, as well as the surviving or new corporations surviving or resulting …

15 Pa.C.S. § 1749 Application to employee benefit plans

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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" shall include any service as a representative of the business corporation that imposes duties on, or involves …

15 Pa.C.S. § 1750 Duration and extent of coverage

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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 a person who has ceased to be a representative of the corporation and shall inure to the benefit of th…

15 Pa.C.S. § 1755 Time of holding meetings of shareholders

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(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 the articles, at least one meeting of the shareholders shall be held in each calendar year for the election of director…

15 Pa.C.S. § 1756 Quorum

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(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 present. Unless otherwise provided in a bylaw adopted by the shareholders: (1) A quorum for the purposes of consideration a…

15 Pa.C.S. § 1757 Action by shareholders

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(a) General rule.--Except as otherwise provided in this title or in a bylaw adopted by the shareholders, whenever any corporate action is to be taken by vote of the shareholders of a business corporation, it shall be authorized upon receiving the affirmative vote of a majority of…