2010 Pennsylvania Code
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 19 - Fundamental Changes
1966 - Effect of conversion.

     § 1966.  Effect of conversion.
        Upon the conversion becoming effective, the converting
     business corporation shall be deemed to be a nonprofit
     corporation subject to the provisions of this part relating to
     nonprofit corporations for all purposes, shall cease to be a
     business corporation and shall not thereafter operate in any
     manner resulting in pecuniary profit, incidental or otherwise,
     to its members or shareholders. The corporation shall remain
     liable for all existing obligations, public or private, and
     taxes due the Commonwealth or any other taxing authority for
     periods prior to the effective date of the conversion and, as a
     nonprofit corporation, it shall continue to be entitled to all
     assets theretofore pertaining to it as a business corporation.