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§ 361. Division authorized

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 15 Pa.C.S.A. Corporations and Unincorporated AssociationsEffective: July 1, 2015

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 F. Division (Refs & Annos)
Effective: July 1, 2015
15 Pa.C.S.A. § 361
Formerly cited as PA ST 15 Pa.C.S.A. § 1951;  PA ST 15 Pa.C.S.A. § 5951;  PA ST 15 Pa.C.S.A. § 8576;  PA ST 15 Pa.C.S.A. § 8961
§ 361. Division authorized
Currentness
(a) Domestic entities.--Except as provided in section 318 (relating to excluded entities and transactions) or this section, by complying with this subchapter, a domestic entity may divide into:
(1) the dividing association and one or more new associations that are either domestic entities or foreign associations; or
(2) two or more new associations that are either domestic entities or foreign associations.
(b) Foreign associations.--
(1) A foreign association may be created by the division of a domestic entity only if the division is authorized by the laws of the jurisdiction of formation of the foreign association.
(2) If the division is authorized by the laws of the jurisdiction of formation of the foreign association, one or more of the resulting associations created in a division of a foreign association may be a domestic entity.
(c) Exception.--A domestic banking institution that is a domestic entity may be a dividing association only if all of the resulting associations are domestic banking institutions.
(d) Cross reference.--See section 314 (relating to regulatory conditions and required notices and approvals).

Credits

2014, Oct. 22, P.L. 2640, No. 172, § 9, effective July 1, 2015.
15 Pa.C.S.A. § 361, PA ST 15 Pa.C.S.A. § 361
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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