§ 316. Contents of plan.

323 words·~1 min read·/pa/title-15/chapter-3/316

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

(a)Omission of certain provisions.-- A plan as delivered to the department for filing under any provision of this chapter in lieu of a statement of merger, statement of interest exchange, statement of conversion, statement of division or statement of domestication may omit all provisions of the plan except provisions, if any, that:

(1)are intended to amend or constitute the operative provisions of the public organic record of a domestic association as in effect subsequent to the effectiveness of the plan;

(2)are required by this chapter in the statement in lieu of which the plan is being delivered to the department for filing; or

(3)allocate or specify the respective property and liabilities of the resulting associations, in the case of a plan of division.

(b)Availability of full plan.-- If any of the provisions of a plan are omitted from the plan as delivered to the department as permitted under subsection (a), the plan must state that the full text of the plan is on file at the principal office of the surviving, acquiring, converted, new or resulting association or domesticated entity and the address thereof. An association that takes advantage of this section shall furnish a copy of the full text of the plan, on request and without cost, to any interest holder of any domestic or foreign association that was a party to the plan.

(c)Reference to external facts.-- A plan may refer to facts ascertainable outside of the plan if the manner in which the facts will operate on the plan is specified in the plan. The facts may include the occurrence of an event or a determination or action by a person, whether or not the event, determination or action is within the control of a party to the transaction.

15c316v

Cross References. Section 316 is referred to in sections 332, 335, 342, 352, 362, 372 of this title.

15c317s