2585 - Application and effect of subchapter. - Pennsylvania Statutes

SUBCHAPTER J BUSINESS COMBINATION TRANSACTIONS - LABOR CONTRACTS Sec. 2585. Application and effect of subchapter. 2586. Definitions. 2587. Labor contracts preserved in business combination transactions. 2588. Civil remedies. Enactment. Subchapter J was added April 27, 1990, P.L.129, No.36, effective immediately. Cross References. Subchapter J is referred to in sections 1924, 1953 of this title; section 7203 of Title 20 (Decedents, Estates and Fiduciaries). § 2585. Application and effect of subchapter. (a) General rule.--Except as otherwise provided in this section, this subchapter shall apply to every business combination transaction relating to a business operation if such business operation was owned by a registered corporation (or any subsidiary thereof) at the time of a control-share approval with respect to the corporation (regardless of the fact, if such be the case, that such operation after the control-share approval is owned by the registered corporation or any other person). (b) Exceptions.--This subchapter shall not apply to: (1) Any business combination transaction occurring more than five years after the control-share approval of the registered corporation. (2) Any business operation located other than in this Commonwealth.