(a) General rule.--The bylaws of a management corporation may specify the manner in which and the persons by whom the directors of the corporation shall be selected and may be removed. Unless otherwise provided in the bylaws, the directors of a management corporation shall be selected and may be removed by the board of directors. An incidental reference to the election of directors by common or other junior shares contained in the express terms of any class or series of any preference shares defining the contingent or other voting rights of preference shares shall not constitute, for the purposes of this section, a provision of the articles providing for the election of directors by the common or other junior shares.
(b) Term.--The duration of the term of office of a director of a management corporation shall not be limited by statute.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 27 - Management Corporations
Section 2701 - Application and effect of chapter
Section 2702 - Formation of management corporations
Section 2703 - Additional contents of articles of management corporations
Section 2704 - Election of an existing business corporation to become a management corporation
Section 2705 - Termination and renewal of status as a management corporation
Section 2711 - Selection and removal of directors
Section 2712 - Shareholder meetings unnecessary