2701 - Application and effect of chapter. - Pennsylvania Statutes

CHAPTER 27 MANAGEMENT CORPORATIONS Subchapter A. Preliminary Provisions B. Directors and Shareholders C. Fundamental Changes Enactment. Chapter 27 was added December 19, 1990, P.L.834, No.198, effective immediately. Prior Provisions. Former Chapter 27, which related to the same subject matter, was added December 21, 1988, P.L.1444, No.177, and repealed December 19, 1990, P.L.834, No.198, effective immediately. Cross References. Chapter 27 is referred to in section 1103 of this title. SUBCHAPTER A PRELIMINARY PROVISIONS Sec. 2701. Application and effect of chapter. 2702. Formation of management corporations. 2703. Additional contents of articles of management corporations. 2704. Election of an existing business corporation to become a management corporation. 2705. Termination and renewal of status as a management corporation. § 2701. Application and effect of chapter. (a) General rule.--This chapter shall be applicable to a business corporation, other than a statutory close corporation or a professional corporation, that elects to become a management corporation in the manner provided by this chapter. (b) Laws applicable to management corporations.--Except as otherwise provided in this chapter, this subpart shall be generally applicable to all management corporations. The specific provisions of this chapter shall control over the general provisions of this subpart. Except as otherwise provided in this article, a management corporation may be simultaneously subject to this chapter and one or more other chapters of this article. (c) Effect of a contrary provision of the bylaws.--The bylaws of a management corporation may provide either expressly or by necessary implication that any one or more of the provisions of this chapter, except this subchapter, shall not be applicable, in whole or in part, to the corporation.