1961 - Conversion authorized. - Pennsylvania Statutes

SUBCHAPTER E CONVERSION Sec. 1961. Conversion authorized. 1962. Proposal and adoption of plan of conversion. 1963. Articles of conversion. 1964. Filing of articles of conversion. 1965. Effective date of conversion. 1966. Effect of conversion. § 1961. Conversion authorized. (a) General rule.--Any business corporation may, in the manner provided in this subchapter, be converted into a nonprofit corporation, designated in this subchapter as the resulting corporation. (b) Exceptions.--This subchapter shall not authorize any conversion involving: (1) Beneficial, benevolent, fraternal or fraternal benefit societies having a lodge system and a representative form of government, or transacting any type of insurance whatsoever. (2) Any corporation that by the laws of this Commonwealth is subject to the supervision of the Department of Banking, the Insurance Department or the Pennsylvania Public Utility Commission, unless the agency expressly approves the transaction in writing.