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Reserved power of General Assembly - 15 Pa. Cons. Stat. § 501

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                                 PART II
                               CORPORATIONS

     Subpart
        A.  Corporations Generally
        B.  Business Corporations
        C.  Nonprofit Corporations
        D.  Cooperative Corporations

        Enactment.  Part II was added December 21, 1988, P.L.1444,
     No.177, effective October 1, 1989.
        Prior Provisions.  Former Part II (Reserved) was added
     November 15, 1972, P.L.1063, No.271, and repealed December 21,
     1988, P.L.1444, No.177, effective October 1, 1989.

                                SUBPART A
                          CORPORATIONS GENERALLY

     Chapter
        5.  Corporations

                                CHAPTER 5
                               CORPORATIONS

     Subchapter
        A.  In General
        B.  Fiduciary Duty and Indemnification
        C.  Provisions Applicable to Particular Types of
            Corporations

        Enactment.  Chapter 5 was added December 21, 1988, P.L.1444,
     No.177, effective October 1, 1989.
        Cross References.  Chapter 5 is referred to in section 7102
     of this title.

                               SUBCHAPTER A
                                IN GENERAL

     Sec.
     501.  Reserved power of General Assembly.
     502.  Application of chapter.
     503.  Actions to revoke corporate franchises.
     504.  Validation of certain defective corporations.
     505.  Validation of certain defective corporate acts.
     506.  Scope and duration of certain franchises.
     507.  Validation of certain share authorizations.
     § 501.  Reserved power of General Assembly.
        (a)  General rule.--All charters of private corporations and
     all present and future common or statutory law with respect to
     the formation or regulation of private corporations or
     prescribing powers, rights, duties or liabilities of private
     corporations or their officers, directors, shareholders or
     members may be revoked, amended or repealed.
        (b)  Scope.--Subsection (a) is applicable to all corporations
     incorporated under the authority of the Commonwealth or of the
     late Proprietaries of the Province of Pennsylvania, the General
     Assembly having found in section 104 of the act of December 21,
     1988 (P.L.1444, No.177), known as the General Association Act of
     1988, that all corporations incorporated prior to October 14,
     1857, which purported to register under the act of January 18,
     1966 (1965 P.L.1443, No.521), referred to as the Registry Act of
     1966, or companion statutes, either failed to register
     effectively or accepted the benefit of a law or laws passed by
     the General Assembly after 1873 governing the affairs of
     corporations.

        Cross References.  Section 501 is referred to in sections
     1104, 5104 of this title; section 501 of Title 17 (Credit
     Unions).

Last modified: November 27, 2007