2010 Pennsylvania Code
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 55 - Corporate Powers, Duties and Safeguards
5543 - Debt and security interests.

     § 5543.  Debt and security interests.
        (a)  General rule.--No corporation shall issue bonds or other
     evidences of indebtedness except for money or other property,
     tangible or intangible, or labor or services actually received
     by or performed for the corporation or for its benefit or in its
     formation or reorganization, or a combination thereof. In the
     absence of fraud in the transaction, the judgment of the board
     of directors or other body as to the value of the consideration
     received by the corporation shall be conclusive.
        (b)  Creation of lien on personal property.--The board of
     directors or other body may authorize any mortgage or pledge of,
     or the creation of a security interest in, all or any part of
     the personal property of the corporation, or any interest
     therein. Unless otherwise restricted in the bylaws no vote or
     consent of the members shall be required to make effective such
     action by the board or other body.