Current through Pa Acts 2024-53, 2024-56 through 2024-111
Section 373 - Approval of domestication(a)Approval by domestic entities.--A plan of domestication in which the domesticating entity is a domestic entity is not effective unless it has been approved by the domestic entity in accordance with the applicable provisions of Subchapter B (relating to approval of entity transactions).(b) Approval by foreign entities.--A plan of domestication in which the domesticating entity is a foreign entity is not effective unless it has been approved in one of the following ways: (1) In accordance with the law of the jurisdiction of formation of the foreign entity.(2) By at least a majority of the votes cast with respect to approval of the domestication by all interest holders of the foreign entity entitled to vote generally on a merger to which the foreign entity is a party if the law of the foreign entity's jurisdiction of formation does not provide for a domestication of the foreign entity.(c) Cross references.--See sections 317 (relating to contractual dissenters rights in entity transactions) and 329 (relating to special treatment of interest holders).Added by P.L. 2639 2014 No. 172, § 9, eff. 7/1/2015.