2010 Pennsylvania Code
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 57 - Officers, Directors and Members
5752 - Organization on a stock share basis.

     § 5752.  Organization on a stock share basis.
        (a)  General rule.--A nonprofit corporation may be organized
     upon either a nonstock basis or upon a stock share basis, as set
     forth in its articles.
        (b)  Form of certificates.--The shares of nonprofit
     corporations organized upon a stock share basis shall be of such
     denominations as the bylaws shall provide and shall be
     represented by share certificates. The fact that the corporation
     is a nonprofit corporation shall be noted conspicuously on the
     face of each certificate.
        (c)  Rights of shareholders.--Unless otherwise provided in a
     bylaw adopted by the members, each share shall entitle the
     holder thereof to one vote. No dividends shall be directly or
     indirectly paid on any such shares, nor shall the shareholders
     be entitled to any portion of the earnings of such corporation
     derived through increment of value upon its property, or
     otherwise incidentally made, until the dissolution of any such
     corporation.
        (d)  Transferability of shares.--Unless otherwise provided in
     the bylaws, such shares shall not be transferable by operation
     of law or otherwise.
        (e)  Power to cancel shares.--A nonprofit corporation shall
     have power to exclude from further membership any shareholder
     who fails to comply with the reasonable and lawful bylaws of the
     corporation, and may cancel the shares of any such offending
     member without liability for an accounting, except as may be
     provided in the bylaws.
        (f)  Applicability of the Uniform Commercial Code.--The
     provisions of Division 8 of Title 13 (relating to investment
     securities) shall not apply in any manner to the shares of a
     nonprofit corporation.
     (Nov. 1, 1979, P.L.255, No.86, eff. Jan. 1, 1980)

        1979 Amendment.  Act 86 amended subsec. (f).
        Cross References.  Section 5752 is referred to in sections
     5504, 5541 of this title.