§ 23.4. Stated purposes.
(a) Section 1102(c) of the BCL (relating to application of subpart) prohibits the incorporation under the BCL of a corporation having stated purposes for which a corporation might be incorporated under one or more of the following statutes:
(1) The Savings Association Code.
(2) The Banking Code.
(b) Section 1301 of the BCL (relating to purposes) provides that unless otherwise restricted in its articles, every business corporation has as its corporate purpose the engaging in lawful business for which corporations may be incorporated under the BCL. The incorporators of a corporation may desire to set forth an express statement of corporate purposes in broad terms. In these cases, stated purposes substantially as follows will be deemed to be in full compliance with the requirements of subsection (a) and will be filed without evidence of special governmental approvals:
The corporation is incorporated under the Business Corporation Law of 1988 for the purpose of engaging in, and doing any lawful act concerning any or all lawful business for which corporations may be incorporated under said Business Corporation Law, including, but not limited to, manufacturing, processing, owning, using and dealing in personal property of every class and description, engaging in research and development, furnishing services, and acquiring, owning, using and disposing of real property of any nature whatsoever.
The code requires that under certain circumstances the articles of incorporation of business corporations shall contain an express stated purpose. See, for example, § § 17.11 and 33.4 (relating to public utility names; and stated purposes).
The provisions of this § 23.4 adopted April 17, 1992, effective April 18, 1992, 22 Pa.B. 1993.
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