15 Pa. C.S. § 2125

Current through P.A. Acts 2023-66
Section 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).

15 Pa.C.S. § 2125

1988, Dec. 21, P.L. 1444, No. 177, § 103, effective 10/1/1989.