511 - Application and effect of subchapter.
SUBCHAPTER B FIDUCIARY DUTY AND INDEMNIFICATION Sec. 511. Application and effect of subchapter. 512. Standard of care and justifiable reliance. 513. Personal liability of directors. 514. Notation of dissent. 515. Exercise of powers generally. 516. Alternative standard. 517. Limitation on standing. 518. Nonexclusivity and supplementary coverage. Enactment. Subchapter B was added December 19, 1990, P.L.834, No.198, effective immediately. Prior Provisions. Former Subchapter B, which related to indemnification and corporate directors' liability, was added December 21, 1988, P.L.1444, No.177, and repealed December 19, 1990, P.L.834, No.198, effective immediately. Special Provisions in Appendix. See section 404(b) of Act 198 of 1990 in the appendix to this title for special provisions relating to applicability. Cross References. Subchapter B is referred to in section 8332.5 of Title 42 (Judiciary and Judicial Procedure). § 511. Application and effect of subchapter. (a) General rule.--This subchapter shall apply to and the terms "corporation" or "domestic corporation" in this subchapter shall mean a domestic corporation except: (1) A business corporation as defined in section 1103 (relating to definitions). (2) A nonprofit corporation as defined in section 5103 (relating to definitions). (b) Alternative provisions.--Section 516 (relating to alternative standard) shall not be applicable to any corporation to which section 515 (relating to exercise of powers generally) is applicable. Section 515 shall be applicable to any corporation except a corporation: (1) the bylaws of which, by amendment adopted by the board of directors on or before July 26, 1990, and not subsequently rescinded by an articles amendment, explicitly provide that section 515 or corresponding provisions of prior law shall not be applicable to the corporation; or (2) the articles of which explicitly provide that section 515 or corresponding provisions of prior law shall not be applicable to the corporation. Cross References. Section 511 is referred to in sections 515, 516, 1711 of this title.