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§ 315. Nature of transactions

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 15 Pa.C.S.A. Corporations and Unincorporated AssociationsEffective: January 3, 2023

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 15 Pa.C.S.A. Corporations and Unincorporated Associations (Refs & Annos)
Part I. Preliminary Provisions (Refs & Annos)
Chapter 3. Entity Transactions (Refs & Annos)
Subchapter A. Preliminary Provisions
Effective: January 3, 2023
15 Pa.C.S.A. § 315
§ 315. Nature of transactions
Currentness
(a) General rule.--The fact that a sale or conversion of the interests in or assets of an association or a transaction under this chapter or other law produces a result that could be accomplished in any other manner permitted by a different set of provisions of this chapter or other law shall not be a basis for recharacterizing the sale, conversion or transaction as a different form of sale, conversion or transaction under this chapter.
(b) Business purpose not required.--A transaction under this chapter does not require an independent business purpose in order for the transaction to be lawful.

Credits

2014, Oct. 22, P.L. 2640, No. 172, § 9, effective July 1, 2015. Amended 2016, Nov. 21, P.L. 1328, No. 170, § 2, effective in 90 days [Feb. 21, 2017]; 2022, Nov. 3, P.L. 1791, No. 122, § 13, effective in 60 days [Jan. 3, 2023].
15 Pa.C.S.A. § 315, PA ST 15 Pa.C.S.A. § 315
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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