GroundRules
15 Pa.C.S. § 1991.1: Authority of board of directors.
Where this section sits in the code
- Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
- PART II CORPORATIONS
- SUBPART B BUSINESS CORPORATIONS
- ARTICLE B DOMESTIC BUSINESS CORPORATIONS GENERALLY
- CHAPTER 19 FUNDAMENTAL CHANGES
- SUBCHAPTER H POSTDISSOLUTION PROVISION FOR LIABILITIES
(a) General rule.--The board of directors of a business corporation that has elected to proceed under this subchapter shall have full power to wind up and settle the affairs of the corporation in accordance with this subchapter both prior to and after the filing of articles of dissolution in accordance with section 1977 (relating to articles of dissolution).
(b) Winding up.--The corporation shall, as speedily as possible, proceed to comply with the requirements of this subchapter while simultaneously collecting all sums due it and converting into cash all corporate assets, the conversion of which into cash is required to make adequate provision for its liabilities.
Collected 2026-09-02T16:31:13Z. Source file · JSON