§ 25.5. Termination of nonstock corporation status.
(a) Section 2105 of the BCL (relating to termination of nonstock corporation status) provides that a nonstock corporation may voluntarily terminate its status by adopting a plan of conversion as provided in the code and filing Form DSCB:15-1915 (Articles of Amendment-Domestic Business Corporation) which delete from its articles:
(1) The caption stating that it is a nonstock corporation.
(2) The provisions contemplated by § 25.3 (relating to additional contents of articles of nonstock corporations).
(b) Section 2105(c) of the BCL provides that in addition to the requirements in subsection (a), a mutual insurance company may terminate its nonstock corporation status only in compliance with applicable regulatory laws and the act of December 10, 1970 (P. L. 884, No. 279) (40 P. S. § § 1010.11010.14), known as the Mutual Insurance Company Conversion Law.
The provisions of this § 25.5 adopted April 17, 1992, effective April 18, 1992, 22 Pa.B. 1993.
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