4162 - Effect of domestication. SUBPART C. NONPROFIT CORPORATIONS - Pennsylvania Statutes

§ 4162. Effect of domestication. (a) General rule.--As a domestic business corporation, the domesticated corporation shall no longer be a foreign business corporation for the purposes of this subpart and shall, instead, be a domestic business corporation with all the powers and privileges and all the duties and limitations granted and imposed upon domestic business corporations. In all other respects, the domesticated corporation shall be deemed to be the same corporation as it was prior to the domestication without any change in or effect on its existence. Without limiting the generality of the previous sentence, the domestication shall not be deemed to have affected in any way: (1) the right and title of the corporation in and to its assets, property, franchises, estates and choses in action; (2) the liability of the corporation for its debts, obligations, penalties and public accounts due the Commonwealth; (3) any liens or other encumbrances on the property or assets of the corporation; or (4) any contract, license or other agreement to which the corporation is a party or under which it has any rights or obligations. (b) Reclassification of shares.--The shares of the domesticated corporation shall be unaffected by the domestication except to the extent, if any, reclassified in the articles of domestication. (June 22, 2001, P.L.418, No.34, eff. 60 days)