5962 - Proposal and adoption of plan of conversion. - Pennsylvania Statutes

§ 5962. Proposal and adoption of plan of conversion. (a) Preparation of plan.--A plan of conversion shall be prepared, setting forth: (1) The terms and conditions of the conversion. (2) The mode of carrying the conversion into effect. (3) A restatement of the articles of the resulting corporation, which articles shall comply with the requirements of Subpart B of Part II (relating to business corporations). (4) Such other details and provisions as are deemed desirable. (b) Proposal and adoption.--The plan of conversion shall be proposed and adopted, and may be terminated, in the manner provided for the proposal, adoption and termination of a plan of merger in Subchapter C (relating to merger, consolidation and sale of assets). (Dec. 21, 1988, P.L.1444, No.177, eff. Oct. 1, 1989) 1988 Amendment. Act 177 amended subsecs. (a)(3) and (b) and deleted subsec. (c).