19 Pa. Code § 25.5 - Termination of nonstock corporation status
(a) Section 2105 of the BCL (relating to
termination of nonstock corporation status) provides that a nonstock
corporation may voluntarily terminate its status by adopting a plan of
conversion as provided in the code and filing Form DSCB:15-1915 (Articles of
Amendment-Domestic Business Corporation) which delete from its articles:
(1) The caption stating that it is a nonstock
corporation.
(2) The provisions
contemplated by §
25.3 (relating to additional
contents of articles of nonstock corporations).
(b) Section 2105(c) of the BCL provides that
in addition to the requirements in subsection (a), a mutual insurance company
may terminate its nonstock corporation status only in compliance with
applicable regulatory laws and the act of December 10, 1970 (P. L. 884, No.
279) (40 P. S. §§
1010.1-1010.14), known as the Mutual
Insurance Company Conversion Law.
Notes
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