2010 Pennsylvania Code
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 27 - Management Corporations
2705 - Termination and renewal of status as a management corporation.

     § 2705.  Termination and renewal of status as a management
                corporation.
        (a)  General rule.--A management corporation may terminate
     its status as such and cease to be subject to this chapter by
     amending its articles to delete therefrom the additional
     provisions required by section 2702 (relating to formation of
     management corporations) to be included in the articles of a
     management corporation. If an effective date is not stated in
     the articles of amendment, this chapter shall cease to be
     applicable to the corporation on the date the articles of
     amendment are filed in the Department of State.
        (b)  Automatic termination.--The status of a nonregistered
     corporation as a management corporation shall terminate at the
     time specified in this subsection upon the occurrence of any of
     the following:
            (1)  Three months after the end of any fiscal year:
                (i)  at the end of which the corporation had less
            than $50,000,000 of assets; and
                (ii)  during which it had revenue or receipts of less
            than $50,000,000.
            (2)  Three years after its date of incorporation or the
        effective date of its most recent articles of amendment filed
        under section 2704 (relating to election of an existing
        business corporation to become a management corporation).
        (c)  Renewal.--An election to be subject to this chapter
     terminated under subsection (b) may be renewed by complying with
     the provisions of section 2704 (except subsection (c)) in the
     same manner as an initial election, if the corporation then
     satisfies the requirements of subsection (b)(1).
        (d)  Dissenters rights upon renewal of election.--If any
     shareholder of a nonregistered corporation that renews an
     election under this chapter to continue as a management
     corporation objects to that action and complies with the
     provision 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.

        Cross References.  Section 2705 is referred to in section
     1571 of this title.