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§ 503. Actions to revoke corporate franchises

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 15 Pa.C.S.A. Corporations and Unincorporated Associations

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 A. In General
15 Pa.C.S.A. § 503
§ 503. Actions to revoke corporate franchises
Currentness
(a) General rule.--The Attorney General may institute proceedings to revoke the articles and franchises of a corporation if it:
(1) misused or failed to use its powers, privileges or franchises;
(2) procured its articles by fraud; or
(3) should not have been incorporated under the statutory authority relied upon.
(b) Powers of court.--In every action or proceeding instituted under subsection (a), the court shall have power to wind up the affairs of and to dissolve the corporation in the manner provided in this part or as otherwise provided by law.

Credits

1988, Dec. 21, P.L. 1444, No. 177, § 103, effective Oct. 1, 1989.
15 Pa.C.S.A. § 503, PA ST 15 Pa.C.S.A. § 503
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document