1951 - Division authorized. - Pennsylvania Statutes

SUBCHAPTER D DIVISION Sec. 1951. Division authorized. 1952. Proposal and adoption of plan of division. 1953. Division without shareholder approval. 1954. Articles of division. 1955. Filing of articles of division. 1956. Effective date of division. 1957. Effect of division. Cross References. Subchapter D is referred to in sections 1932, 2538 of this title. § 1951. Division authorized. (a) Division of domestic corporation.--Any domestic business corporation may, in the manner provided in this subchapter, be divided into two or more domestic business corporations incorporated or to be incorporated under this article, or into one or more domestic business corporations and one or more foreign business corporations to be incorporated under the laws of another jurisdiction or jurisdictions, or into two or more foreign business corporations, if the laws of the other jurisdictions authorize the division. (b) Division of foreign corporation.--Any foreign business corporation may, in the manner provided in this subchapter, be divided into one or more domestic business corporations to be incorporated under this subpart and one or more foreign business corporations incorporated or to be incorporated under the laws of another jurisdiction or jurisdictions, or into two or more domestic business corporations, if the foreign business corporation is authorized under the laws of the jurisdiction under which it is incorporated to effect a division. (c) Surviving and new corporations.--The corporation effecting a division, if it survives the division, is designated in this subchapter as the surviving corporation. All corporations originally incorporated by a division are designated in this subchapter as new corporations. The surviving corporation, if any, and the new corporation or corporations are collectively designated in this subchapter as the resulting corporations.