§ 5306. Articles of incorporation.

659 words·~3 min read·/pa/title-15/chapter-53/5306

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

(a)General rule.-- Articles of incorporation shall be signed by each of the incorporators and shall set forth in the English language:

(1)The name of the corporation, unless the name is in a foreign language in which case it shall be set forth in Roman letters or characters or Arabic or Roman numerals.

(2)Subject to section 109 (relating to name of commercial registered office provider in lieu of registered address), the address, including street and number, if any, of its initial registered office in this Commonwealth.

(3)A brief statement of the purpose or purposes for which the corporation is incorporated.

(4)A statement that the corporation is one which does not contemplate pecuniary gain or profit, incidental or otherwise.

(5)A statement that the corporation is incorporated under the provisions of the Nonprofit Corporation Law of 1988.

(6)If the corporation is a membership corporation, a statement whether the corporation is to be organized upon a nonstock basis or a stock share basis, and, if it is to be organized on a stock share basis:

(i)The aggregate number of shares that the corporation shall have authority to issue. It shall not be necessary to set forth in the articles the designations of the classes of shares of the corporation or the maximum number of shares of each class that may be issued.

(ii)A statement of the voting rights, designations, preferences, limitations and special rights in respect of the shares of any class or any series of any class, to the extent that they have been determined.

(iii)A statement of any authority vested in the board of directors or other body to divide by provision in the bylaws the authorized and unissued shares into classes or series, or both, and to determine for any class or series its voting rights, designations, preferences, limitations and special rights.

(7)If the corporation is to have no members, a statement to that effect.

(8)The name of each of the incorporators.

(9)The term for which the corporation is to exist, if not perpetual.

(10)If the articles are to be effective on a specified date, the hour, if any, and the month, day and year of the effective date.

(11)Any other provisions that the incorporators may choose to insert if:

(i)any provision of this subpart authorizes or requires provisions pertaining to the subject matter thereof to be set forth in the articles or bylaws of a nonprofit corporation or in an agreement or other instrument; or

(ii)such provisions are not inconsistent with this subpart and relate to the purpose or purposes of the corporation, the management of its business or affairs or the rights, powers or duties of its members, security holders, directors, members of an other body or officers.

(b)Par value.-- The articles may, but need not, set forth a par value for any authorized shares or class or series of shares.

(c)Written consent to naming directors.-- The naming of directors in articles of incorporation shall constitute an affirmation that such directors have consented in writing to serve as such.

(d)Reference to external facts.-- Except for the provisions required by subsection (a)(1), (2), (4), (5), (6)(i) and (8), any provision of the articles of incorporation may be made dependent upon facts ascertainable outside of the articles if the manner in which the facts will operate upon the provision is set forth in the articles. The facts may include actions or events within the control of or determinations made by the corporation or a representative of the corporation.

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(Dec. 19, 1990, P.L.834, No.198, eff. imd.; July 9, 2013, P.L.476, No.67, eff. 60 days; Nov. 3, 2022, P.L.1791, No.122, eff. 60 days)

2022 Amendment. Act 122 amended subsec. (a)(8) and added subsec. (d).

2013 Amendment. Act 67 amended subsec. (a)(6) intro. par. and (11)(ii).

1990 Amendment. Act 198 reenacted and amended the entire section.

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