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§ 372. Plan of domestication

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 G. Domestication (Refs & Annos)
Effective: July 1, 2015
15 Pa.C.S.A. § 372
Formerly cited as PA ST 15 Pa.C.S.A. § 4161;  PA ST 15 Pa.C.S.A. § 6161
§ 372. Plan of domestication
Currentness
(a) General rule.--A domestic entity may become a foreign entity of the same type by approving a plan of domestication. The plan shall be in record form and contain all of the following:
(1) The name and type of the domesticating entity.
(2) The name and jurisdiction of formation of the domesticated entity.
(3) The manner, if any, of canceling or converting those interests in the domesticating entity, if any, that are to receive special treatment as authorized by and subject to section 329 (relating to special treatment of interest holders).
(4) The proposed public organic record of the domesticated entity if it is a filing entity.
(5) The full text of the private organic rules of the domesticated entity that are proposed to be in record form.
(6) The other terms and conditions of the domestication.
(7) Any other provision required by:
(i) laws of this Commonwealth;
(ii) the laws of the jurisdiction of formation of the foreign domesticated entity; or
(iii) the organic rules of the domesticating entity.
(b) Optional contents.--In addition to the requirements of subsection (a), a plan of domestication may contain any other provision not prohibited by law.
(c) Terms of interests.--Except as provided in the plan of domestication pursuant to section 329, the terms of the interests in the domesticated entity and the rights of the interest holders in the domesticated entity shall be substantially the same as the terms of the interests and the rights of the interest holders in the domesticating entity, except to the extent a different term or right is required by a provision of the organic law of the domesticated entity that cannot be varied in its organic rules.
(d) Cross reference.--See section 316(c) (relating to contents of plan).

Credits

2014, Oct. 22, P.L. 2640, No. 172, § 9, effective July 1, 2015.
15 Pa.C.S.A. § 372, PA ST 15 Pa.C.S.A. § 372
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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