Section 3304 - Election of benefit corporation status(a) Amendment.-- An existing business corporation may become a benefit corporation by amending its articles so that they contain, in addition to the requirements of section 1306(a) (relating to articles of incorporation) , a statement that the corporation is a benefit corporation. The amendment shall not be effective unless it is adopted by at least the minimum status vote. (b) Fundamental transactions.--If an association that is not a benefit corporation is a party to a merger or division or is the exchanging association in an interest exchange, and the surviving, new or any resulting association in the merger, division or interest exchange is to be a benefit corporation, then the plan of merger, division or interest exchange shall not be effective unless it is adopted by the association by at least the minimum status vote.
Amended by P.L. 2639 2014 No. 172, § 24, eff. 7/1/2015.Added by P.L. 1228 2012 No. 152, § 1, eff. 1/22/2013.