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2019 Pennsylvania Consolidated Statutes
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 21 - Nonstock Corporations
Section 2125 - Inapplicability of certain provisions to nonstock corporations
Universal Citation: 15 PA Cons Stat § 2125 (2019)
§ 2125. Inapplicability of certain provisions to nonstock corporations.
(a) Share structure.--The provisions of Subchapter B of Chapter 15 (relating to shares and other securities) shall not be applicable to a nonstock corporation. A nonstock corporation shall not create or issue shares.
(b) Corporate finance.--A patronage rebate or dividend that is, or is equivalent to, a reduction in the charge made by a nonstock corporation to a member for goods or services shall not constitute a dividend or distribution within the meaning of section 1551 (relating to distributions to shareholders).
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