4142 - General powers and duties of qualified foreign corporations. - Pennsylvania Statutes

§ 4142. General powers and duties of qualified foreign corporations. (a) General rule.--A qualified foreign business corporation, so long as its certificate of authority is not revoked, shall enjoy the same rights and privileges as a domestic business corporation, but no more, and, except as in this subpart otherwise provided, shall be subject to the same liabilities, restrictions, duties and penalties now in force or hereafter imposed upon domestic business corporations, to the same extent as if it had been incorporated under this subpart. (b) Agricultural lands.--Interests in agricultural land shall be subject to the restrictions of, and escheatable as provided by, the act of April 6, 1980 (P.L.102, No.39), referred to as the Agricultural Land Acquisition by Aliens Law. (c) Foreign insurance corporations.--A foreign insurance corporation shall, insofar as it is engaged in the business of writing insurance or reinsurance as principal, be subject to the laws of this Commonwealth regulating the business of insurance in lieu of the provisions of subsection (a). (Dec. 19, 1990, P.L.834, No.198, eff. imd.) 1990 Amendment. Act 198 added subsec. (c).