§ 9319. Dissolution
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 15 Pa.C.S.A. Corporations and Unincorporated Associations
15 Pa.C.S.A. § 9319
§ 9319. Dissolution
(b) Procedure.--If a special meeting is called for the purpose of voting to dissolve an association, notice shall be given to each of the associates at his address of record with the association of the time, place and purpose of the meeting, by first class mail, at least ten days prior to the meeting unless a greater period is required by the bylaws.
(d) Effect of dissolution.--Upon dissolution, all debts and obligations of the association shall be satisfied and, if any property of the association remains, it shall be divided among the associates proportionally according to their ownership in the association. If all of the debts and legal obligations of the association have not been satisfied at the time of dissolution, all of the associates shall remain jointly and severally liable until all the debts and obligations are satisfied.
Credits
1988, Dec. 21, P.L. 1444, No. 177, § 103, effective Oct. 1, 1989.
15 Pa.C.S.A. § 9319, PA ST 15 Pa.C.S.A. § 9319
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document |