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Actions to revoke corporate franchises - 15 Pa. Cons. Stat. § 503

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     § 503.  Actions to revoke corporate franchises.
        (a)  General rule.--The Attorney General may institute
     proceedings to revoke the articles and franchises of a
     corporation if it:
            (1)  misused or failed to use its powers, privileges or
        franchises;
            (2)  procured its articles by fraud; or
            (3)  should not have been incorporated under the
        statutory authority relied upon.
        (b)  Powers of court.--In every action or proceeding
     instituted under subsection (a), the court shall have power to
     wind up the affairs of and to dissolve the corporation in the
     manner provided in this part or as otherwise provided by law.

        Cross References.  Section 503 is referred to in sections
     137, 1104, 1309, 1502, 1503, 2907, 5104, 5309, 5502, 5503 of
     this title.

Last modified: November 27, 2007