Limitation on standing - 15 Pa. Cons. Stat. § 517

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     § 517.  Limitation on standing.
        The duty of the board of directors, committees of the board
     and individual directors under section 512 (relating to standard
     of care and justifiable reliance) is solely to the domestic
     corporation and may be enforced directly by the corporation or
     may be enforced by a shareholder or member, as such, by an
     action in the right of the corporation, and may not be enforced
     directly by a shareholder, member or by any other person or
     group. Notwithstanding the preceding sentence, sections 515(a)
     and (b) (relating to exercise of powers generally) and 516(a)
     (relating to alternative standard) do not impose upon the board
     of directors, committees of the board and individual directors
     any legal or equitable duties, obligations or liabilities or
     create any right or cause of action against, or basis for
     standing to sue, the board of directors, committees of the board
     and individual directors.

Last modified: November 27, 2007