2010 Pennsylvania Code
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 27 - Management Corporations
2704 - Election of an existing business corporation to become a management corporation.

     § 2704.  Election of an existing business corporation to become
                a management corporation.
        (a)  General rule.--A business corporation may become a
     management corporation under this chapter by filing articles of
     amendment which shall contain, in addition to the requirements
     of section 1915 (relating to articles of amendment):
            (1)  A heading stating the name of the corporation and
        that it is a management corporation.
            (2)  A statement that it elects to become a management
        corporation.
            (3)  The provisions required by section 2703 (relating to
        additional contents of articles of management corporations).
        (b)  Procedure.--An election to become subject to this
     chapter shall be proposed by a resolution adopted by the board
     of directors and shall be adopted in accordance with the
     requirements of Subchapter B of Chapter 19 (relating to
     amendment of articles). If an effective date is not stated in
     the articles of amendment, this chapter shall become applicable
     to the corporation on the date the articles of amendment are
     filed in the Department of State.
        (c)  Dissenters rights upon election.--If any shareholder of
     a corporation, other than a management company registered under
     the Investment Company Act of 1940, that adopts an election
     under this chapter to become a management corporation objects to
     that action and complies with the provisions of Subchapter D of
     Chapter 15 (relating to dissenters rights), the dissenting
     shareholder shall be entitled to the rights and remedies of
     dissenting shareholders therein provided.
        (d)  Cross reference.--See section 134 (relating to docketing
     statement).

        Cross References.  Section 2704 is referred to in sections
     1571, 2705, 2721 of this title.