§ 2722. Changes in authorized shares.
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/pa/title-15/chapter-27/2722A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 2722. Changes in authorized shares.
(a)General rule.-- An amendment of the articles of a management corporation shall not require the approval of the shareholders of the corporation to the extent it increases or decreases (to a number not less than that then outstanding) the number of authorized shares of the corporation or of any class or series of the corporation.
(b)Procedure.-- The articles of amendment shall set forth, in addition to the requirements of section 1915 (relating to articles of amendment):
(1)The aggregate number of shares that the corporation shall have authority to issue, or the designations of the classes of shares of the corporation and the maximum number of shares of each class that may be issued.
(2)A statement of the voting rights, designations, preferences, limitations and special rights, if any, in respect of the shares of any class or any series of any class, to the extent that they have been determined, and the maximum number of shares of any series of any class that may be issued.
(3)A statement of any authority vested in the board of directors to divide the authorized and unissued shares into classes or series, or both, and to determine for any such class or series its voting rights, designations, preferences, limitations and special rights.