§ 41.5. Term of existence.
The term of existence of a nonprofit corporation may be limited in the articles of incorporation. Section 5306(a) of the NPCL (relating to articles of incorporation) provides that the duration of a corporation is perpetual absent a provision in the articles setting forth a limited term. Section 5502(a)(1) of the NPCL (relating to general powers) that every nonprofit corporation shall have perpetual succession unless a limited duration is specified in its articles.
Source The provisions of this § 41.5 adopted April 17, 1992, effective April 18, 1992, 22 Pa.B. 1993.
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