(a) Amendment of articles.--A corporation may revoke its election to be governed by this chapter by filing an adopted amendment to its articles of incorporation with the department.
(b) Conversion of shares and accounts.--When a corporation revokes its election under subsection (a), the amendment to the articles of incorporation shall provide for the conversion of membership shares and internal capital accounts to securities or other property in a manner consistent with this title.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 77 - Workers' Cooperative Corporations
Section 7701 - Short title of chapter
Section 7704 - Articles of incorporation
Section 7706 - Internal capital accounts and net worth
Section 7708 - Acceptance and termination of membership
Section 7709 - Power to buy, sell or trade
Section 7710 - Individual liability of members
Section 7711 - Corporate powers
Section 7712 - Investment of capital stock in other corporations
Section 7716 - Directors and officers
Section 7717 - Patronage distributions
Section 7719 - Unlawful dividends
Section 7720 - Amendments of articles
Section 7722 - Benefits bestowed on associations by compliance with this chapter
Section 7724 - Conversion to a corporation governed by the Business Corporation Law