An electric cooperative corporation may dissolve only when authorized by the affirmative vote of two-thirds of all the members of the corporation. Any assets remaining after all liabilities or obligations of the corporation have been satisfied or discharged upon dissolution shall be distributed pro rata among the members of the corporation at the time of the filing of the certificate of dissolution.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 73 - Electric Cooperative Corporations
Section 7302 - Application of chapter
Section 7304 - Number and qualifications of incorporators
Section 7306 - Articles of incorporation
Section 7307 - Prohibition on use of words "electric cooperative."
Section 7308 - Liberal construction
Section 7321 - Special powers and limitations
Section 7323 - Exemption of members from liability for debts of corporation
Section 7324 - Qualifications of members
Section 7325 - Annual meeting of members
Section 7326 - Voting by members
Section 7327 - Certificates of membership
Section 7328 - Quorum of members
Section 7330 - Nonprofit operation
Section 7331 - Merger, division or sale of assets
Section 7333 - License fee; exemption from excise taxes
Section 7334 - Exemption from jurisdiction of Public Utility Commission
Section 7335 - Limited exemption from Securities Act
Section 7351 - Application of subchapter
Section 7353 - Geographical areas
Section 7354 - Boundaries of certified territories; hearings
Section 7355 - Obligations and rights within certified territory; new electric-consuming facilities
Section 7356 - Borderline service
Section 7357 - Effect of incorporation, annexation or consolidation