5711 - Alternative provisions.
SUBCHAPTER B FIDUCIARY DUTY Sec. 5711. Alternative provisions. 5712. Standard of care and justifiable reliance. 5713. Personal liability of directors. 5714. Notation of dissent. 5715. Exercise of powers generally. 5716. Alternative standard. 5717. Limitation on standing. Enactment. Subchapter B was added December 19, 1990, P.L.834, No.198, effective immediately. Prior Provisions. Former Subchapter B, which related to directors, officers and members of an other body, was added December 21, 1988, P.L.1444, No.177, and relettered to Subchapter C 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 5734 of this title; section 8332.5 of Title 42 (Judiciary and Judicial Procedure). § 5711. Alternative provisions. Section 5716 (relating to alternative standard) shall not be applicable to any nonprofit corporation to which section 5715 (relating to exercise of powers generally) is applicable. Section 5715 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(1) the bylaws of which by amendment adopted by the board of directors on or before July 26, 1990, and not subsequently rescinded by an articles amendment, explicitly provide that section 5715 or corresponding provisions of prior law shall not be applicable to the corporation; or (2) the articles of which explicitly provide that section 5715 or corresponding provisions of prior law shall not be applicable to the corporation. Cross References. Section 5711 is referred to in sections 5715, 5716 of this title.