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Code · Pennsylvania · Title 15 — CORPORATIONS AND UNINCORPORATED ASSOCIATIONS · Chapter 21

§ 2125. Inapplicability of certain provisions to nonstock corporations.

93 words·~1 min read·/pa/title-15/chapter-21/2125

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§ 2125. Inapplicability of certain provisions to nonstock corporations.
(a)Share structure.-- The provisions of Subchapter B of Chapter 15 (relating to shares and other securities) shall not be applicable to a nonstock corporation. A nonstock corporation shall not create or issue shares.
(b)Corporate finance.-- A patronage rebate or dividend that is, or is equivalent to, a reduction in the charge made by a nonstock corporation to a member for goods or services shall not constitute a dividend or distribution within the meaning of section 1551 (relating to distributions to shareholders).
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