§ 376. Effect of domestication
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 15 Pa.C.S.A. Corporations and Unincorporated AssociationsEffective: February 21, 2017
Effective: February 21, 2017
15 Pa.C.S.A. § 376
Formerly cited as PA ST 15 Pa.C.S.A. § 1929; PA ST 15 Pa.C.S.A. § 1980; PA ST 15 Pa.C.S.A. § 4162; PA ST 15 Pa.C.S.A. § 5980; PA ST 15 Pa.C.S.A. § 6162; PA ST 15 Pa.C.S.A. § 8978; PA ST 15 Pa.C.S.A. § 8982
§ 376. Effect of domestication
(10) The interest holders in the domesticating entity are interest holders in the domesticated entity except to the extent that an interest holder does not receive interests in the domesticated entity pursuant to a provision in the plan of domestication for special treatment pursuant to section 329 (relating to special treatment of interest holders).
(b) No dissolution rights.--Except as otherwise provided in the organic law or organic rules of a domestic domesticating entity, the domestication does not give rise to any rights that an interest holder, governor or third party would have upon a dissolution, liquidation or winding up of the domesticating entity.
(d) New interest holder liability.--When a domestication becomes effective, a person that becomes subject to interest holder liability with respect to a domestic association as a result of the domestication has interest holder liability only to the extent provided by the organic law of the association and only for those debts, obligations and other liabilities that arise after the domestication is effective.
(h) Taxes.--Any taxes, interest, penalties and public accounts of the Commonwealth claimed against the domesticating entity that are settled, assessed or determined prior to or after the domestication shall be the liability of the domesticated entity and, together with interest thereon, shall be a lien against the franchises and property of the domesticated entity.
Credits
2014, Oct. 22, P.L. 2640, No. 172, § 9, effective July 1, 2015. Amended 2016, Nov. 21, P.L. 1328, No. 170, § 2.2, effective in 90 days [Feb. 21, 2017].
15 Pa.C.S.A. § 376, PA ST 15 Pa.C.S.A. § 376
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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