§ 27.7. Preemptive rights.
Section 2321(b) of the BCL (relating to shares) provides that unless otherwise provided in a bylaw adopted by the shareholders, the holders of a class of voting shares of a statutory close corporation shall have a preemptive right to subscribe for or purchase voting shares, or option rights or securities having conversion or option rights with respect to voting shares, issued or sold by the corporation for consideration, except an issue of voting shares, or of option rights or securities having conversion or option rights with respect to the voting shares, under a plan to which Chapter 15, Subchapter D of the BCL (relating to dissenters rights) is applicable.
Source The provisions of this § 27.7 adopted April 17, 1992, effective April 18, 1992, 22 Pa.B. 1993.
Cross References This section cited in 19 Pa. Code § 23.10 (relating to preemptive rights).
No part of the information on this site may be reproduced for profit or sold for profit.
This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.
