§ 374. Amendment or abandonment of plan of domestication.

358 words·~2 min read·/pa/title-15/chapter-3/374

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

(a)Approval of amendment.-- A plan of domestication in which the domesticating entity is a domestic entity may be amended in one of the following ways:

(1)In the same manner as the plan was approved, if the plan does not provide for the manner in which it may be amended.

(2)By the governors or interest holders of the domestic entity in the manner provided in the plan, but an interest holder that was entitled to vote on or consent to approval of the plan is entitled to vote on or consent to any amendment of the plan that will change any of the following:

(i)The amount or kind of interests, securities, obligations, money, other property, rights to acquire interests or securities, or any combination of the foregoing, to be received by any of the interest holders of the domesticating entity under the plan.

(ii)The public organic record, if any, or private organic rules of the domesticated entity that will be in effect immediately after the domestication becomes effective, except for changes that do not require approval of the interest holders of the domesticated entity under its organic law or organic rules.

(iii)Any other terms or conditions of the plan, if the change would adversely affect the interest holder in any material respect.

(b)Approval of abandonment.-- After a plan of domestication has been approved by a domestic entity that is the domesticating entity and before a statement of domestication becomes effective, the plan may be abandoned as provided in the plan. Unless prohibited by the plan, a domestic entity that is the domesticating entity may abandon the plan in the same manner as the plan was approved.

(c)Statement of abandonment.-- If a plan of domestication is abandoned after a statement of domestication has been delivered to the department for filing and before the statement becomes effective, a statement of abandonment under section 141 (relating to abandonment of filing before effectiveness), signed by the domesticating entity, must be delivered to the department for filing before the time the statement of domestication becomes effective.

15c375s