Comparative Corporate Governance : A Chinese Perspective

Categories Corporate Law

Format: Hardcover

Language: English

Format: PDF / Kindle / ePub

Size: 8.20 MB

Downloadable formats: PDF

Authority to take and hold trust property. (a) General rule.--Every nonprofit corporation incorporated for a charitable purpose or purposes may take, receive and hold such real and personal property as may be given, devised to, or otherwise vested in such corporation, in trust, for the purpose or purposes set forth in its articles. Unless prohibited by the plan, a domestic entity that is the acquired association may abandon the plan in the same manner as the plan was approved. (d) Statement of abandonment.--If a plan of interest exchange is abandoned after a statement of interest exchange has been delivered to the department for filing and before the statement becomes effective, a statement of abandonment under section 141 (relating to abandonment of filing before effectiveness), signed by the acquired association, must be delivered to the department for filing before the time the statement of interest exchange becomes effective. (a) General rule.--If the acquired association is a domestic entity, a statement of interest exchange shall be signed by that entity and delivered to the department for filing. (b) Contents.--A statement of interest exchange shall contain all of the following: (1) With respect to the acquired association: (ii) its jurisdiction of formation; (iv) if it is a domestic filing association or domestic limited liability partnership, the address of its registered office, including street and number, if any, in this Commonwealth, subject to section 109 (relating to name of commercial registered office provider in lieu of registered address); and (v) if it is a domestic association that is not a domestic filing association or limited liability partnership, the address, including street and number, if any, of its principal office. (2) With respect to the acquiring association: (ii) its jurisdiction of formation; (iv) if it is a domestic filing association, domestic limited liability partnership or registered foreign association, the address of its registered office, including street and number, if any, in this Commonwealth, subject to section 109; (v) if it is a domestic association that is not a domestic filing association or limited liability partnership, the address, including street and number, if any, of its principal office; and (vi) if it is a nonregistered foreign association, the address, including street and number, if any, of: (A) its registered or similar office, if any, required to be maintained by the laws of its jurisdiction of formation; or (B) if it is not required to maintain a registered or similar office, its principal office. (3) If the statement of interest exchange is not to be effective on filing, the later date or date and time on which it will become effective. (4) A statement that the plan of interest exchange was approved by the acquired association in accordance with this chapter. (5) Any amendments to the public organic record of the acquired association approved as part of the plan of interest exchange. (c) Other provisions.--In addition to the requirements of subsection (b), a statement of interest exchange may contain any other provision not prohibited by law. (d) Filing of plan.--A plan of interest exchange that is signed by the domestic entity that is the acquired association and that meets all of the requirements of subsection (b) may be delivered to the department for filing instead of a statement of interest exchange and on filing shall have the same effect.

Pages: 272

Publisher: Wolters Kluwer Law & Business; 1 edition (April 1, 2003)

ISBN: 904119908X

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