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§ 318. Excluded entities and transactions

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 15 Pa.C.S.A. Corporations and Unincorporated AssociationsEffective: January 3, 2023

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 15 Pa.C.S.A. Corporations and Unincorporated Associations (Refs & Annos)
Part I. Preliminary Provisions (Refs & Annos)
Chapter 3. Entity Transactions (Refs & Annos)
Subchapter A. Preliminary Provisions
Effective: January 3, 2023
15 Pa.C.S.A. § 318
Formerly cited as PA ST 15 Pa.C.S.A. § 5961
§ 318. Excluded entities and transactions
Currentness
(a) Excluded entities.--The following entities may not participate in a transaction under this chapter:
(1) A cooperative corporation subject to Chapter 73 (relating to electric cooperative corporations).
(2) A beneficial, benevolent, fraternal or fraternal benefit society:
(i) having a lodge system and a representative form of government; or
(ii) transacting any type of insurance.
(3) A credit union.
(b) Excluded transactions involving certain nonprofit corporations.--The following apply to nonprofit corporations:
(1) Except as provided in paragraph (2), this chapter may not be used to accomplish a transaction that has the effect of converting a domestic nonprofit corporation that is subject to the supervision of the Department of Banking and Securities, the Insurance Department or the Pennsylvania Public Utility Commission to a different type of entity.
(2) Paragraph (1) does not apply to a transaction under this chapter in which a health maintenance organization is converted to a different type of entity if the transaction has received the prior approval of the Insurance Department.
(c) Cross references.--See sections 103 (relating to subordination of title to regulatory laws) and 314 (relating to regulatory conditions and required notices and approvals).

Credits

2014, Oct. 22, P.L. 2640, No. 172, § 9, effective July 1, 2015. Amended 2022, Nov. 3, P.L. 1791, No. 122, § 14, effective in 60 days [Jan. 3, 2023].
15 Pa.C.S.A. § 318, PA ST 15 Pa.C.S.A. § 318
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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