(a) General rule.--Section 5716 (relating to alternative standard) shall not be applicable to any nonprofit corporation to which section 5715 (relating to exercise of powers generally) is applicable. Section 5715 shall be applicable to any corporation except a corporation: (1) the bylaws of which by amendment adopted by the board of directors on or before July 26, 1990, and not subsequently rescinded by an articles amendment, explicitly provide that section 5715 or corresponding provisions of prior law shall not be applicable to the corporation; or (2) the articles of which explicitly provide that section 5715 or corresponding provisions of prior law shall not be applicable to the corporation. (b) Reversal of opt-out.--A provision of the articles or bylaws providing that section 5715 or corresponding provisions of prior law shall not be applicable to the corporation may be rescinded pursuant to the procedures required by this subpart and the articles and bylaws at the time of the rescission to amend the articles or bylaws. (Nov. 3, 2022, P.L.1791, No.122, eff. 60 days) Cross References. to the procedures required by this subpart and the articles and bylaws at the time of the rescission to amend the articles or bylaws. (Nov. 3, 2022, P.L.1791, No.122, eff. 60 days) Cross References. Section 5711 is referred to in sections 5715, 5716 of this title.
Pennsylvania Legal Code