§ 5991.1. Authority of board of directors.
134 words·~1 min read·
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§ 5991.1. Authority of board of directors.
(a)General rule.-- The board of directors or other body of a nonprofit corporation that has elected to proceed under this subchapter shall have full power to wind up and settle the affairs of the corporation in accordance with this subchapter both prior to and after the filing of articles of dissolution in accordance with section 5977 (relating to articles of dissolution).
(b)Winding up.-- The corporation shall, as speedily as possible, proceed to comply with the requirements of this subchapter while simultaneously collecting all sums due it and converting into cash all corporate assets, the conversion of which into cash is required to make adequate provision for its liabilities.
15c5991.1v
(June 22, 2001, P.L.418, No.34, eff. 60 days)
2001 Amendment. Act 34 added section 5991.1.
15c5992s