The articles of incorporation or bylaws, or an action of the board of directors, may renounce any interest or expectancy of a nonprofit corporation in, or in being offered an opportunity to participate in, a specified corporate opportunity or specified classes or categories of corporate opportunities that are presented to the corporation or to one or more of its directors, officers or members.
15 Pa.C.S. § 5719
Renunciation of corporate opportunities
Known as the Associations Code
The act spans §§ 15-101 to 15-9507 (683 sections).
(Nov. 3, 2022, P.L.1791, No.122, eff. 60 days)
Official source: Pennsylvania General Assembly. Reproduced from public-domain Pennsylvania statutes; confirm against the official source for the current text. Not legal advice.