2010 Pennsylvania Code
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 21 - Nonstock Corporations
2105 - Termination of nonstock corporation status.

     § 2105.  Termination of nonstock corporation status.
        (a)  General rule.--A nonstock corporation may terminate its
     status as such and cease to be subject to this chapter by:
            (1)  Adopting a plan of conversion providing for the
        issue of appropriate shares to its members and adjusting its
        affairs so as to comply with the requirements of this subpart
        applicable to business corporations that are not nonstock
        corporations.
            (2)  Amending its articles to delete therefrom the
        additional provisions required or permitted by sections
        2102(a)(1) (relating to formation of nonstock corporations)
        and 2103 (relating to contents of articles and other
        documents of nonstock corporations) to be stated in the
        articles of a nonstock corporation. The plan of conversion
        (which plan shall include the amendment of the articles
        required by this section) shall be adopted in accordance with
        Subchapter B of Chapter 19 (relating to amendment of
        articles) except that:
                (i)  The members of every class shall be entitled to
            vote on the plan regardless of any limitations stated in
            the articles or bylaws, or in a document evidencing
            membership, on the voting rights of any class.
                (ii)  The plan must be approved by a majority of the
            votes cast by the members of each class.
        (b)  Increased vote requirements.--The bylaws of a nonstock
     corporation adopted by the members may provide that on any
     amendment to terminate its status as a nonstock corporation, a
     vote greater than that specified in subsection (a) shall be
     required. If the bylaws contain such a provision, that provision
     shall not be amended, repealed or modified by any vote less than
     that required to terminate the status of the corporation as a
     nonstock corporation.
        (c)  Mutual insurance companies.--With respect to the
     termination of the status of a mutual insurance company as a
     nonstock corporation, see section 103 (relating to subordination
     of title to regulatory laws) and Article VIII-A of the act of
     May 17, 1921 (P.L.682, No.284), known as The Insurance Company
     Law of 1921.
     (Dec. 19, 1990, P.L.834, No.198, eff. imd.; June 22, 2001,
     P.L.418, No.34, eff. 60 days)

        2001 Amendment.  Act 34 amended subsec. (c).
        Cross References.  Section 2105 is referred to in section
     1504 of this title.