2010 Pennsylvania Code
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 27 - Management Corporations
2721 - Bylaw and fundamental change procedures.

                               SUBCHAPTER C
                           FUNDAMENTAL CHANGES

     Sec.
     2721.  Bylaw and fundamental change procedures.
     2722.  Changes in authorized shares.
     § 2721.  Bylaw and fundamental change procedures.
        So long as a business corporation is a management corporation
     subject to this chapter:
            (1)  The board of directors shall have the full authority
        vested by this subpart in the shareholders to amend the
        articles under section 2704(b) (relating to procedure) to
        renew the election of the corporation to be subject to this
        chapter and to adopt or change the bylaws, and a bylaw
        adopted by the board of directors pursuant to this section
        may continue in effect as long as the corporation remains
        subject to this chapter.
            (2)  An amendment or plan shall not be adopted under
        Chapter 19 (relating to fundamental changes), and a bylaw
        shall not be adopted or changed by the shareholders, without
        the approval of the board of directors.
            (3)  In the case of a corporation that in the ordinary
        course of business redeems all outstanding shares at the
        option of the shareholder at the net asset value or at
        another agreed method or amount of value thereof, an
        amendment or plan under Chapter 19 shall not require the
        approval of the shareholders of the corporation for adoption
        by the corporation.