§ 346. Effect of interest exchange
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 15 Pa.C.S.A. Corporations and Unincorporated AssociationsEffective: July 1, 2015
Effective: July 1, 2015
15 Pa.C.S.A. § 346
Formerly cited as PA ST 15 Pa.C.S.A. § 1931
§ 346. Effect of interest exchange
(1) Interests in the acquired association are exchanged or canceled as provided in the plan of exchange, and the interest holders of those interests are entitled only to the rights provided to them under the plan and to any dissenters rights they have pursuant to section 317 (relating to contractual dissenters rights in entity transactions) or 343(d) (relating to approval of interest exchange).
(c) New interest holder liability.--When an interest exchange becomes effective, a person that becomes subject to interest holder liability with respect to an association as a result of the interest exchange 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 interest exchange becomes effective.
(4) The person has whatever rights of contribution from any other person as are provided by law other than this title or the organic law or organic rules of the domestic acquired association with respect to any interest holder liability preserved under paragraph (1) as if the interest exchange had not occurred.
Credits
2014, Oct. 22, P.L. 2640, No. 172, § 9, effective July 1, 2015.
15 Pa.C.S.A. § 346, PA ST 15 Pa.C.S.A. § 346
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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