§ 5719. Renunciation of corporate opportunities.
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§ 5719. Renunciation of corporate opportunities.
The articles of incorporation or bylaws, or an action of the board of directors, may renounce any interest or expectancy of a nonprofit corporation in, or in being offered an opportunity to participate in, a specified corporate opportunity or specified classes or categories of corporate opportunities that are presented to the corporation or to one or more of its directors, officers or members.
15c5719v
(Nov. 3, 2022, P.L.1791, No.122, eff. 60 days)
2022 Amendment. Act 122 added section 5719.
15c5721h
SUBCHAPTER C
DIRECTORS, OFFICERS AND MEMBERS OF
AN OTHER BODY
Sec.
5721. Board of directors.
5722. Qualifications of directors.
5723. Number of directors.
5724. Term of office of directors.
5725. Selection of directors.
5726. Removal of directors.
5727. Quorum of and action by directors.
5728. Interested directors or officers; quorum.
5729. Voting rights of directors.
5730. Compensation of directors.
5731. Executive and other committees of the board.
5732. Officers.
5733. Removal of officers and agents.
5733.1. Officer's standard of care and justifiable reliance.
5733.2. Personal liability of officers.
5734. Other body.
Enactment. Subchapter C was added as Subchapter B December 21, 1988, P.L.1444, No.177, effective October 1, 1989, and was relettered to Subchapter C December 19, 1990, P.L.834, No.198, effective immediately.
15c5721s