§ 2530. Qualifications of directors.

236 words·~1 min read·/pa/title-15/chapter-25/2530

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

(a)General rule.-- The bylaws of a registered corporation may not impose a qualification of directors that is based on a past, present or future action by a nominee or director in the discharge of the director's powers or duties as a governor of an association.

(b)Certain permitted qualifications.-- This section does not prohibit qualifications relating to:

(1)not having entered a guilty plea, or not being or having been subject to a criminal conviction, civil judgment or regulatory sanction or penalty; or

(2)not having been removed as a governor of an association by judicial action or for cause.

(c)Relationship to nomination procedures.-- This section applies to a qualification included in a nomination procedure adopted under section 1758(e) (relating to voting rights of shareholders) but does not prohibit the corporation from excluding a nomination that does not comply with such a procedure.

15c2530v

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

2022 Amendment. Act 122 added section 2530.

Cross References. Section 2530 is referred to in section 1722 of this title.

15c2535h

SUBCHAPTER D

FUNDAMENTAL CHANGES GENERALLY

Sec.

2535. Proposal of amendment to articles.

2536. Application by director for involuntary dissolution.

2537. Dissenters rights in asset transfers.

2538. Approval of transactions with interested shareholders.

2539. Adoption of plan of merger by board of directors.

Cross References. Subchapter D is referred to in section 2501 of this title.

15c2535s