(a) General rule.--Every member of record of a nonstock corporation shall be entitled to a written document evidencing his membership in the corporation. The document shall state:
(1) That the corporation is a nonstock corporation incorporated under the laws of this Commonwealth, unless the name of the corporation contains the word "mutual."
(2) The name of the person to whom issued.
(3) The class of membership, if any, held by the member.
(b) Notice of variations in rights.--If the membership of the corporation is divided into classes, the document shall set forth (or shall state that the corporation will furnish to any member, upon request and without charge) a full or summary statement of the special rights and liabilities of membership of each class and the variations in the rights and liabilities of membership between classes. If a membership is not fully paid or if the member is otherwise liable to assessment, the document evidencing the membership shall so state.
(c) Liability.--A subscriber to the minimum guaranteed capital of or member of a nonstock corporation shall not be under any liability to the corporation or any creditor thereof other than the obligations of complying with the terms of the subscription to the minimum guaranteed capital, if any, and with the terms of the document evidencing his membership. Otherwise, the members of a nonstock corporation shall not be personally liable for the debts, liabilities or obligations of the corporation.
(d) Dissenters rights.--The document evidencing membership shall constitute a share certificate for the purposes of Subchapter D of Chapter 15 (relating to dissenters rights).
(Dec. 18, 1992, P.L.1333, No.169, eff. 60 days)
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 21 - Nonstock Corporations
Section 2101 - Application and effect of chapter
Section 2102 - Formation of nonstock corporations
Section 2103 - Contents of articles and other documents of nonstock corporations
Section 2104 - Election of an existing business corporation to become a nonstock corporation
Section 2105 - Termination of nonstock corporation status
Section 2121 - Corporate name of nonstock corporations
Section 2122 - Classes of membership
Section 2123 - Evidence of membership; liability of members
Section 2124 - Voting rights of members
Section 2125 - Inapplicability of certain provisions to nonstock corporations