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§ 511. Application and effect of subchapter

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 II. Corporations (Refs & Annos)
Subpart A. Corporations Generally
Chapter 5. Corporations
Subchapter B. Fiduciary Duty and Indemnification
Effective: January 3, 2023
15 Pa.C.S.A. § 511
§ 511. Application and effect of subchapter
Currentness
(a) General rule.--This subchapter applies to and the terms “corporation” or “domestic corporation” in this subchapter mean:
(1) A banking institution.
(2) A credit union.
(3) A fraternal benefit society.
(b) Alternative provisions.--Section 516 (relating to alternative standard) shall not be applicable to any corporation to which section 515 (relating to exercise of powers generally) is applicable. Section 515 shall be applicable to any corporation except a corporation:
(1) the bylaws of which, by amendment adopted by the board of directors on or before July 26, 1990, and not subsequently rescinded by an articles amendment, explicitly provide that section 515 or corresponding provisions of prior law shall not be applicable to the corporation; or
(2) the articles of which explicitly provide that section 515 or corresponding provisions of prior law shall not be applicable to the corporation.
(c) Reversal of opt-out.--A provision of the articles or bylaws providing that section 515 or corresponding provisions of prior law shall not be applicable to the corporation and may be rescinded pursuant to the procedures required by the organic law of the corporation and the articles and bylaws at the time of the rescission to amend the articles or bylaws.

Credits

1990, Dec. 19, P.L. 834, No. 198, § 102, imd. effective. Amended 2022, Nov. 3, P.L. 1791, No. 122, § 23, effective in 60 days [Jan. 3, 2023].
15 Pa.C.S.A. § 511, PA ST 15 Pa.C.S.A. § 511
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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