§ 5554. Annual report of directors or other body.

444 words·~2 min read·/pa/title-15/chapter-55/5554

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(a)Contents.-- The board of directors or other body of a nonprofit corporation shall present annually to the members a report, verified by the president and treasurer or by a majority of the directors or members of the other body, showing in appropriate detail the following:

(1)The assets and liabilities, including trust funds, of the corporation as of the end of the fiscal year immediately preceding the date of the report.

(2)The principal changes in assets and liabilities, including trust funds, during the fiscal year immediately preceding the date of the report.

(3)The revenue or receipts of the corporation, both unrestricted and restricted to particular purposes, for the fiscal year immediately preceding the date of the report, including separate data with respect to each trust fund held by or for the corporation.

(4)The expenses or disbursements of the corporation, for both general and restricted purposes, during the fiscal year immediately preceding the date of the report, including separate data with respect to each trust fund held by or for the corporation.

(5)The number of members of the corporation as of the date of the report, together with a statement of increase or decrease in their number during the year immediately preceding the date of the report, and a statement of the place where the names and addresses of the current members may be found.

(b)Place of filing.-- The annual report of the board of directors or other body shall be filed with the minutes of the meetings of members.

(c)Report in absence of meeting of members.-- The board of directors or other body of a corporation having no members shall direct the president and treasurer to present at the annual meeting of the board or other body a report in accordance with subsection (a), but omitting the requirement of paragraph (5). The report shall be filed with the minutes of the annual meeting of the board or other body.

(d)Cross reference.-- See section 6145 (relating to applicability of certain safeguards to foreign domiciliary corporations).

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(July 9, 2013, P.L.476, No.67, eff. 60 days)

2013 Amendment. Act 67 renumbered and amended former section 5553 to section 5554.

Cross References . Section 5554 is referred to in section 6145 of this title.

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SUBCHAPTER C

COMMON TRUST FUNDS

Sec.

5585. Establishment or use of common trust funds authorized.

5586. Restrictions on investments.

5587. Determination of interests.

5588. Amortization of premiums on securities held.

5589. Records; ownership of assets.

Subchapter Heading. The heading of Subchapter C was carried without amendment December 21, 1988, P.L.1444, No.177, effective October 1, 1989.

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