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Scope and duration of certain franchises - 15 Pa. Cons. Stat. § 506

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     § 506.  Scope and duration of certain franchises.
        (a)  General rule.--Except as provided in subsection (b),
     whenever any corporation has sold, assigned, disposed of and
     conveyed all or any part of its franchises and all or any part
     of its property, real, personal and mixed, to any other
     corporation, and the franchises and property have vested in the
     vendee corporation, or whenever any corporation has heretofore
     merged or may hereafter merge with and into or consolidate into
     a surviving or new corporation, the vendee, surviving or new
     corporation or its successor corporation shall be deemed to
     possess as a constituent of its own charter, and not as a direct
     or indirect acquisition from the vendor or nonsurviving
     corporation, franchise rights of identical scope and character
     as those originally acquired by it and any of its predecessors
     in interest from every vendor or nonsurviving predecessor
     corporation regardless of the fact, if such is the case, that
     the franchises of any vendor or nonsurviving predecessor
     corporation, had they been separately existing, would have
     theretofore expired of their own limitations. The charter of any
     vendee, surviving, new or successor corporation to which this
     section may become applicable and all franchise rights thereof
     attributable under this section or otherwise to or acquired from
     any vendor or nonsurviving predecessor corporation shall expire
     upon the same date, which date shall be the later of the dates
     on which the charter or the most remotely limited of the
     franchise rights would otherwise expire, and every renewal,
     extension or change in the term of existence of the vendee,
     surviving, new or successor corporation by merger, consolidation
     or otherwise shall inure to the franchise rights attributable to
     or acquired from all such vendor or nonsurviving predecessor
     corporations.
        (b)  Exception.--This section shall not operate to revive any
     franchise rights heretofore or hereafter expressly surrendered
     by the affirmative action of any such vendee, surviving, new or
     successor corporation.

        Cross References.  Section 506 is referred to in section 1104
     of this title.

Last modified: November 27, 2007