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2017 Pennsylvania Consolidated Statutes
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 3 - Entity Transactions
Section 315 - Nature of transactions
Universal Citation: 15 PA Cons Stat § 315 (2017)
§ 315. Nature of transactions.
(a) General rule.--The fact that a sale or conversion of the interests in or assets of an association or a transaction under a particular subchapter produces a result that could be accomplished in any other manner permitted by a different subchapter or other law shall not be a basis for recharacterizing the sale, conversion or transaction as a different form of sale, conversion or transaction under any other subchapter or other law.
(b) Business purpose not required.--A transaction under this chapter does not require an independent business purpose in order for the transaction to be lawful.
(Nov. 21, 2016, P.L.1328, No.170, eff. 90 days)
Cross References. Section 315 is referred to in section 1571 of this title.
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