5951 - Division authorized.
SUBCHAPTER D DIVISION Sec. 5951. Division authorized. 5952. Proposal and adoption of plan of division. 5953. Division without member approval. 5954. Articles of division. 5955. Filing of articles of division. 5956. Effective date of division. 5957. Effect of division. Subchapter Heading. The heading of Subchapter D was amended December 21, 1988, P.L.1444, No.177, effective October 1, 1989. § 5951. Division authorized. (a) Division of domestic corporation.--Any domestic nonprofit corporation may, in the manner provided in this subchapter, be divided into two or more domestic nonprofit corporations incorporated or to be incorporated under this article, or into one or more such domestic nonprofit corporations and one or more foreign corporations not-for-profit to be incorporated under the laws of another jurisdiction or jurisdictions, or into two or more of such foreign corporations not-for-profit, if the law or laws of such other jurisdictions authorized such division. (b) Division of foreign corporation.--Any foreign corporation not-for-profit may, in the manner provided in this subchapter, be divided into one or more domestic nonprofit corporations to be incorporated under this article and one or more foreign corporations not-for-profit incorporated or to be incorporated under the laws of another jurisdiction or jurisdictions, or into two or more of such domestic nonprofit corporations, if such foreign corporation not-for-profit is authorized under the laws of the jurisdiction under which it is incorporated to effect such division. (c) Surviving and new corporations.--The corporation effecting a division, if it shall survive the division, is hereinafter designated as the surviving corporation. All corporations originally incorporated by a division are hereinafter designated as new corporations. The surviving corporation, if any, and the new corporation or corporations are hereinafter collectively designated as the resulting corporations.