5961 - Conversion authorized. - Pennsylvania Statutes

SUBCHAPTER E CONVERSION Sec. 5961. Conversion authorized. 5962. Proposal and adoption of plan of conversion. 5963. Articles of conversion. 5964. Filing of articles of conversion. 5965. Effective date of conversion. 5966. Effect of conversion. Subchapter Heading. The heading of Subchapter E was amended December 21, 1988, P.L.1444, No.177, effective October 1, 1989. § 5961. Conversion authorized. (a) General rule.--Any nonprofit corporation may, in the manner provided in this subchapter, be converted into a business corporation, hereinafter designated as the resulting corporation. (b) Exceptions.-- (1) This subchapter shall not authorize any conversion involving: (i) A cooperative corporation. (ii) Beneficial, benevolent, fraternal or fraternal benefit societies having a lodge system and a representative form of government, or transacting any type of insurance whatsoever. (iii) Any corporation which 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. (2) Paragraph (1) of this subsection shall not be construed as repealing any statute which provides a procedure for the conversion of a nonprofit corporation into an insurance corporation. (Dec. 21, 1988, P.L.1444, No.177, eff. Oct. 1, 1989) 1988 Amendment. Act 177 relettered subsec. (c) to subsec. (b) and amended subsecs. (a) and (b).