(a) General rule.--The fact that a sale or conversion of the interests in or assets of an association or a transaction under this chapter or other law produces a result that could be accomplished in any other manner permitted by a different set of provisions of this chapter or other law shall not be a basis for recharacterizing the sale, conversion or transaction as a different form of sale, conversion or transaction under this chapter.
(b) Business purpose not required.--A transaction under this chapter does not require an independent business purpose in order for the transaction to be lawful.
(Nov. 21, 2016, P.L.1328, No.170, eff. 90 days; Nov. 3, 2022, P.L.1791, No.122, eff. 60 days)
2022 Amendment. Act 122 amended subsec. (a).
Cross References. Section 315 is referred to in section 1571 of this title.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 3 - Entity Transactions
Section 311 - Short title of chapter
Section 313 - Relationship of chapter to other provisions of law
Section 314 - Regulatory conditions and required notices and approvals
Section 315 - Nature of transactions
Section 316 - Contents of plan
Section 317 - Contractual dissenters rights in entity transactions
Section 318 - Excluded entities and transactions
Section 319 - Party to plan or transaction
Section 320 - Submission of matters to interest holders
Section 321 - Approval by business corporation
Section 322 - Approval by nonprofit corporation
Section 323 - Approval by general partnership
Section 324 - Approval by limited partnership
Section 325 - Approval by limited liability company
Section 326 - Approval by professional association
Section 327 - Approval by business trust
Section 328 - Approval by unincorporated nonprofit association
Section 329 - Special treatment of interest holders
Section 330 - Alternative means of approval of transactions
Section 331 - Merger authorized
Section 333 - Approval of merger
Section 334 - Amendment or abandonment of plan of merger
Section 335 - Statement of merger; effectiveness
Section 336 - Effect of merger
Section 341 - Interest exchange authorized
Section 342 - Plan of interest exchange
Section 343 - Approval of interest exchange
Section 344 - Amendment or abandonment of plan of interest exchange
Section 345 - Statement of interest exchange; effectiveness
Section 346 - Effect of interest exchange
Section 351 - Conversion authorized
Section 352 - Plan of conversion
Section 353 - Approval of conversion
Section 354 - Amendment or abandonment of plan of conversion
Section 355 - Statement of conversion; effectiveness
Section 356 - Effect of conversion
Section 361 - Division authorized
Section 362 - Plan of division
Section 363 - Approval of division
Section 364 - Division without interest holder approval
Section 365 - Amendment or abandonment of plan of division
Section 366 - Statement of division; effectiveness
Section 367 - Effect of division
Section 368 - Allocation of liabilities in division
Section 371 - Domestication authorized
Section 372 - Plan of domestication
Section 373 - Approval of domestication
Section 374 - Amendment or abandonment of plan of domestication
Section 375 - Statement of domestication; effectiveness
Section 376 - Effect of domestication
Section 381 - Grounds for administrative dissolution or cancellation