2501 - Application and effect of chapter.
CHAPTER 25 REGISTERED CORPORATIONS Subchapter A. Preliminary Provisions B. Powers, Duties and Safeguards C. Directors and Shareholders D. Fundamental Changes Generally E. Control Transactions F. Business Combinations G. Control-Share Acquisitions H. Disgorgement by Certain Controlling Shareholders Following Attempts to Acquire Control I. Severance Compensation for Employees Terminated Following Certain Control-Share Acquisitions J. Business Combination Transactions - Labor Contracts Enactment. Chapter 25 was added December 21, 1988, P.L.1444, No.177, effective October 1, 1989. SUBCHAPTER A PRELIMINARY PROVISIONS Sec. 2501. Application and effect of chapter. 2502. Registered corporation status. 2503. Acquisition of registered corporation status. 2504. Termination of registered corporation status. § 2501. Application and effect of chapter. (a) General rule.--Except as otherwise provided in the scope provisions of subsequent subchapters of this chapter, this chapter shall be applicable to any business corporation that is a registered corporation as defined in section 2502 (relating to registered corporation status). (b) Laws applicable to registered corporations.--Except as otherwise provided in this chapter, this subpart shall be generally applicable to all registered corporations. The specific provisions of this chapter shall control over the general provisions of this subpart. Except as otherwise provided in this article, a registered corporation may be simultaneously subject to this chapter and one or more other chapters of this article. (c) Effect of a contrary provision of the articles.-- (1) The articles of a registered corporation may provide either expressly or by necessary implication that any one or more of the provisions of Subchapters B (relating to powers, duties and safeguards), C (relating to directors and shareholders) and D (relating to fundamental changes generally) shall not be applicable in whole or in part to the corporation. (2) The articles of a registered corporation may provide that any one or more of the provisions of Subchapter E (relating to control transactions) and following of this chapter shall not be applicable in whole or in part to the corporation only if, to the extent and in the manner, expressly permitted by the subchapter the applicability of which is so affected. Where any provision of Subchapter E and following of this chapter permits the applicability of a subchapter to be varied by a provision of the articles, the applicability may be varied by an amendment of the articles only if, to the extent and in the manner, expressly permitted by the subchapter the applicability of which is so affected. (d) Rights cumulative.--The rights, remedies, prohibitions and requirements provided in Subchapter E and following of this chapter shall be in addition to and not in lieu of any other rights, remedies, prohibitions or requirements provided by this subpart, the articles or bylaws of the corporation, any securities, option rights or obligations of the corporation or otherwise. (Dec. 18, 1992, P.L.1333, No.169, eff. 60 days) 1992 Amendment. Act 169 amended subsec. (c) and added subsec. (d).