Limitation on standing - 15 Pa. Cons. Stat. § 517
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Pennsylvania Statutes
§ 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.
Section: 507 511 512 513 514 515 516 517 518 521 522 523 1101 1102 1103
Last modified: November 27, 2007
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