(a) General rule.--The board of directors of a business 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 1977 (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.
(June 22, 2001, P.L.418, No.34, eff. 60 days)
2001 Amendment. Act 34 added section 1991.1.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 19 - Fundamental Changes
Section 1901 - Omission of certain provisions from filed plans (Deleted by amendment)
Section 1902 - Statement of termination
Section 1903 - Bankruptcy or insolvency proceedings
Section 1904 - De facto transaction doctrine abolished
Section 1905 - Proposal of fundamental transactions
Section 1906 - Special treatment of holders of shares of same class or series
Section 1907 - Purpose of fundamental transactions
Section 1908 - Submission of matters to shareholders
Section 1911 - Amendment of articles authorized
Section 1912 - Proposal of amendments
Section 1913 - Notice of meeting of shareholders
Section 1914 - Adoption of amendments
Section 1915 - Articles of amendment
Section 1916 - Filing and effectiveness of articles of amendment
Section 1921 - Merger and consolidation authorized (Repealed)
Section 1922 - Plan of merger or consolidation (Repealed)
Section 1923 - Notice of meeting of shareholders (Repealed)
Section 1924 - Adoption of plan (Repealed)
Section 1925 - Authorization by foreign corporations (Repealed)
Section 1926 - Articles of merger or consolidation (Repealed)
Section 1927 - Filing of articles of merger or consolidation (Repealed)
Section 1928 - Effective date of merger or consolidation (Repealed)
Section 1929 - Effect of merger or consolidation (Repealed)
Section 1930 - Dissenters rights (Repealed)
Section 1931 - Share exchanges (Repealed)
Section 1932 - Voluntary transfer of corporate assets
Section 1971 - Voluntary dissolution by shareholders or incorporators
Section 1972 - Proposal of voluntary dissolution
Section 1973 - Notice of meeting of shareholders
Section 1974 - Adoption of proposal
Section 1975 - Predissolution provision for liabilities
Section 1976 - Judicial supervision of proceedings
Section 1977 - Articles of dissolution
Section 1978 - Winding up of corporation after dissolution
Section 1979 - Survival of remedies and rights after dissolution
Section 1980 - Dissolution by domestication (Repealed)
Section 1981 - Proceedings upon application of shareholder or director
Section 1982 - Proceedings upon application of creditor
Section 1984 - Appointment of receiver pendente lite and other interim powers
Section 1985 - Liquidating receiver
Section 1986 - Qualifications of receivers
Section 1987 - Proof of claims
Section 1988 - Discontinuance of proceedings; reorganization
Section 1989 - Articles of involuntary dissolution
Section 1991.1 - Authority of board of directors
Section 1992 - Notice to claimants
Section 1993 - Acceptance or rejection of matured claims
Section 1994 - Disposition of unmatured claims
Section 1995 - Court proceedings
Section 1996 - No revival or waiver