§ 1102. Application of subpart.

313 words·~1 min read·/pa/title-15/chapter-11/1102

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)General rule.-- Except as otherwise provided in this section, in the scope provisions of subsequent provisions of this subpart or where the context clearly indicates otherwise, this subpart shall apply to and the words "corporation" or "business corporation" in this subpart shall mean a domestic corporation for profit. See section 101(b) (relating to application of title).

(b)Coordination with other laws.-- Where any other provision of law contemplates notice to, the presence of or the vote, consent or other action by the shareholders, directors or officers of a business corporation, without specifying the applicable corporate standards and procedures, the standards and procedures specified by or pursuant to this subpart shall be applicable.

(c)Exclusions.-- This subpart shall not apply to any of the following corporations, whether proposed or existing, except as otherwise expressly provided in this subpart or as otherwise provided by statute applicable to the corporation:

(1)A banking institution.

(2)A credit union.

(3)(Deleted by amendment).

(d)Cooperative corporations.-- This subpart shall apply to a domestic corporation for profit organized on the cooperative principle only to the extent provided by Subpart D (relating to cooperative corporations).

(e)Business corporation ancillaries.-- The domestic corporation provisions of this subpart shall apply to any of the following corporations, whether proposed or existing, except as otherwise expressly provided by statute applicable to the corporation:

(1)A business development credit corporation.

(2)Any other domestic corporation for profit incorporated under or subject to a statute that provides that the corporate affairs of the corporation shall be governed by the laws applicable to domestic business corporations.

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(Dec. 19, 1990, P.L.834, No.198, eff. imd.; Nov. 3, 2022, P.L.1791, No.122, eff. 60 days)

2022 Amendment. Act 122 deleted subsec. (c)(3).

1990 Amendment. Act 198 amended subsec. (c).

Cross References. Section 1102 is referred to in section 1103 of this title.

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