2010 Pennsylvania Code
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 59 - Fundamental Changes
5988 - Discontinuance of proceedings; reorganization.

     § 5988.  Discontinuance of proceedings; reorganization.
        The proceedings under this subchapter may be discontinued at
     any time during the winding up proceedings, in the following
     manner:
            (1)  If the proceedings shall have been instituted by a
        member or director and it is made to appear to the court that
        the deadlock in the corporate affairs has been broken or the
        management or control of the corporation has been changed,
        the court, in its discretion, may dismiss the proceeding and
        direct the receiver to redeliver to the corporation all its
        remaining assets.
            (2)  If the proceedings shall have been instituted by a
        creditor and it is made to appear that the debts of the
        corporation have been paid or provided for, and that there
        remain or can be obtained sufficient funds to enable the
        corporation to resume its business, the court, in its
        discretion, may dismiss the proceeding and direct the
        receiver to redeliver to the corporation all its remaining
        assets.
            (3)  When a compromise or reorganization of the
        corporation is proposed, whether the proceedings shall have
        been instituted by a member or director or by a creditor, the
        court, upon the summary application of any member, director,
        creditor, or receiver, may order a meeting of the creditors,
        or members to be summoned in such manner as the court may
        direct. If a majority in number, representing 75% in value of
        the creditors or if 75% of the members present in person, or
        if a majority in number, representing 75% in value of any
        class of creditors, or if 75% of the members of any class
        present in person, as the case may be, agree to any
        compromise or reorganization of the corporation, such
        compromise or reorganization, if approved by the court as
        fair and feasible, shall be binding on all creditors or on
        all members, or both, or on the class of creditors or class
        of members, or both, as the case may be, and also on the
        corporation and its receiver, if any.
            (4)  If the proceedings shall have been instituted by a
        superior religious organization and it is made to appear that
        appropriate arrangements for the conduct of the affairs of
        the corporation have been made, the court, in its discretion,
        may dismiss the proceedings and direct the receiver to
        redeliver to the corporation its remaining assets.