§ 353. Approval of conversion
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. § 353
Formerly cited as PA ST 15 Pa.C.S.A. § 1962; PA ST 15 Pa.C.S.A. § 5962
§ 353. Approval of conversion
(1) In the case of a domestic entity, in accordance with the applicable provisions of Subchapter B (relating to approval of entity transactions).1
(B) the shareholders entitled to cast at least two-thirds of the votes which all shareholders are entitled to cast thereon, and, if any class of shares is entitled to vote thereon as a class, the holders of at least two-thirds of the outstanding shares of such class, at a meeting held upon not less than ten days' notice to all shareholders.
(3) In record form, by each interest holder, if any, of the converting association that will have interest holder liability for debts, obligations and other liabilities that arise after the conversion becomes effective, unless, as to an interest holder that does not approve the plan, both of the following apply:
(i) the shareholder objects to the plan of conversion and complies with Subchapter D of Chapter 15 (relating to dissenters rights);2 and
(2) A shareholder of a domestic banking institution that is to be a converting association shall be entitled to the rights provided in section 1222 of the act of November 30, 1965 (P.L. 847, No. 356),3 known as the Banking Code of 1965, if:
Credits
2014, Oct. 22, P.L. 2640, No. 172, § 9, effective July 1, 2015.
15 Pa.C.S.A. § 353, PA ST 15 Pa.C.S.A. § 353
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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