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Payments and distributions - 15 Pa. Cons. Stat. § 5997

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     § 5997.  Payments and distributions.
        (a)  General rule.--A dissolved nonprofit corporation or
     successor entity that has elected to proceed under this
     subchapter shall:
            (1)  Pay the claims made and not rejected under section
        5993 (relating to acceptance or rejection of matured claims).
            (2)  Post the security offered and not rejected under
        section 5994 (relating to disposition of unmatured claims).
            (3)  Post security ordered by the court in any proceeding
        under section 5995 (relating to court proceedings).
            (4)  Pay or make provision for all other claims that are
        mature, known and uncontested or that have been finally
        determined to be owing by the corporation or the successor
        entity.
        (b)  Disposition.--The claims and liabilities shall be paid
     in full and any provision for payment shall be made in full if
     there are sufficient assets. If there are insufficient assets,
     the claims and liabilities shall be paid or provided for in
     order of their priority and, among claims of equal priority,
     ratably to the extent of funds legally available therefor. Any
     remaining assets shall be distributed as provided in the last
     sentence of section 5975(c) (relating to winding up and
     distribution), except that the distribution shall not be made
     less than 60 days after the last notice of rejection, if any,
     was given under section 5993.
        (c)  Evaluation of other liabilities.--In the absence of
     actual fraud, the judgment of the board of directors or other
     body of the dissolved corporation or the governing persons of
     the successor entity as to the provision made for the payment of
     all claims under subsection (a)(4) shall be conclusive.
        (d)  Liability of directors.--Directors or members of an
     other body of a dissolved corporation or governing persons of a
     successor entity that has complied with this section shall not
     be personally liable to the claimants of the dissolved
     corporation.
     (Dec. 18, 1992, P.L.1333, No.169, eff. 60 days)

        1992 Amendment.  Act 169 amended subsecs. (a) and (c),
     deleted former subsec. (d) and relettered subsec. (e) to subsec.
     (d).
        Cross References.  Section 5997 is referred to in sections
     5979, 5991, 5994 of this title.

Last modified: November 27, 2007