501 - Reserved power of General Assembly.
PART II CORPORATIONS Subpart A. Corporations Generally B. Business Corporations C. Nonprofit Corporations D. Cooperative Corporations Enactment. Part II was added December 21, 1988, P.L.1444, No.177, effective October 1, 1989. Prior Provisions. Former Part II (Reserved) was added November 15, 1972, P.L.1063, No.271, and repealed December 21, 1988, P.L.1444, No.177, effective October 1, 1989. SUBPART A CORPORATIONS GENERALLY Chapter 5. Corporations CHAPTER 5 CORPORATIONS Subchapter A. In General B. Fiduciary Duty and Indemnification C. Provisions Applicable to Particular Types of Corporations Enactment. Chapter 5 was added December 21, 1988, P.L.1444, No.177, effective October 1, 1989. Cross References. Chapter 5 is referred to in section 7102 of this title. SUBCHAPTER A IN GENERAL Sec. 501. Reserved power of General Assembly. 502. Application of chapter. 503. Actions to revoke corporate franchises. 504. Validation of certain defective corporations. 505. Validation of certain defective corporate acts. 506. Scope and duration of certain franchises. 507. Validation of certain share authorizations. § 501. Reserved power of General Assembly. (a) General rule.--All charters of private corporations and all present and future common or statutory law with respect to the formation or regulation of private corporations or prescribing powers, rights, duties or liabilities of private corporations or their officers, directors, shareholders or members may be revoked, amended or repealed. (b) Scope.--Subsection (a) is applicable to all corporations incorporated under the authority of the Commonwealth or of the late Proprietaries of the Province of Pennsylvania, the General Assembly having found in section 104 of the act of December 21, 1988 (P.L.1444, No.177), known as the General Association Act of 1988, that all corporations incorporated prior to October 14, 1857, which purported to register under the act of January 18, 1966 (1965 P.L.1443, No.521), referred to as the Registry Act of 1966, or companion statutes, either failed to register effectively or accepted the benefit of a law or laws passed by the General Assembly after 1873 governing the affairs of corporations. Cross References. Section 501 is referred to in sections 1104, 5104 of this title; section 501 of Title 17 (Credit Unions).