§ 225. Optional notice.

281 words·~1 min read·/pa/title-15/chapter-2/225

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

(a)General rule.-- If interest holder approval is not required under section 223(c) (relating to ratification of defective entity actions) or if notice has not been given in accordance with section 224(b) (relating to action on ratification), the ratifying entity nonetheless may give notice of an action taken under section 223 to each interest holder, including the holders of both valid and putative interests, regardless of whether entitled to vote, as of both:

(1)the date of the action by the governors; and

(2)the date of the defective entity action ratified.

(b)Contents.-- The notice shall contain:

(1)either a copy of the action taken by the governors in accordance with section 223(a) or

(b)or the information required by section 223(a)(1), (2),

(3)and

(4)or 223(b)(1),

(2)and (3), as applicable; and

(2)a statement that any claim that the ratification of the defective entity action and any putative interests issued as a result of the defective entity action should not be effective, or should be effective only on certain conditions, must be brought within 120 days after giving notice.

(c)Exception.-- Notice under this section is not required to be given to holders of valid and putative interests whose identities or addresses for notice cannot be determined from the records of the entity.

(d)Notice by registered corporations.-- Notice given by a registered corporation under this section may be given by means of a publicly available filing with the Securities and Exchange Commission.

15c225v

(Nov. 3, 2022, P.L.1791, No.122, eff. 60 days)

2022 Amendment. Act 122 added section 225.

Cross References. Section 225 is referred to in section 228 of this title.

15c226s