The articles of incorporation, or an action of the board of directors, may renounce any interest or expectancy of a banking institution in, or in being offered an opportunity to participate in, a specified business opportunity or specified classes or categories of business opportunities that are presented to the corporation or to one or more of its directors, officers, shareholders or members.
(Nov. 3, 2022, P.L.1791, No.122, eff. 60 days)
2022 Amendment. Act 122 added section 524.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Section 501 - Reserved power of General Assembly
Section 502 - Application of chapter
Section 503 - Actions to revoke corporate franchises
Section 504 - Validation of certain defective corporations
Section 505 - Validation of certain defective corporate acts
Section 506 - Scope and duration of certain franchises
Section 507 - Validation of certain share authorizations
Section 511 - Application and effect of subchapter
Section 512 - Standard of care, justifiable reliance and business judgment rule
Section 513 - Personal liability of directors
Section 514 - Presumption of assent
Section 515 - Exercise of powers generally
Section 516 - Alternative standard
Section 517 - Limitation on standing
Section 518 - Nonexclusivity and supplementary coverage
Section 521 - Pensions and allowances
Section 522 - Indemnification of authorized representatives
Section 523 - Actions by shareholders or members to enforce a secondary right