PocketLaw | Pennsylvania Consolidated Statutes | Statutory Close

Statutory Close Corporations

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Application and effect of chapter

Definition of minimum vote

Formation of statutory close corporations

Additional contents of articles of statutory close corporations

Election of an existing business corporation to become a statutory close corporation

Limitations on continuation of statutory close corporation status

Voluntary termination of statutory close corporation status by amendment of articles

Issuance or transfer of shares of a statutory close corporation in breach of qualifying conditions

Involuntary termination of statutory close corporation status; proceeding to prevent loss of status

Shares

Share transfer restrictions

Transfer of shares in breach of transfer restrictions

Corporation option where a restriction on transfer of a security is held invalid

Sale option of estate of shareholder

Directors

Management by shareholders

Appointment of custodian for statutory close corporation

Appointment of provisional director in certain cases

Operating corporation as partnership

Fundamental changes

Option of shareholder to dissolve corporation

Chapter Notes