Pennsylvania § 503 Actions to revoke corporate franchises

Pennsylvania Statutes

§ 503 — Actions to revoke corporate franchises

Pennsylvania § 503

JurisdictionPennsylvania

Title 15CORPORATIONS AND UNINCORPORATED ASSOCIATIONS

PartPART II

Ch. 5CORPORATIONS

Subch.IN GENERAL

This text of Pennsylvania § 503 (Actions to revoke corporate franchises) is published on Counsel Stack Legal Research, covering Pennsylvania primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

15 Pa. Cons. Stat. § 503 (2026).

Text

(a)General rule.--The Attorney General may institute proceedings to revoke the articles and franchises of a corporation if it:

(1)misused or failed to use its powers, privileges or franchises;

(2)procured its articles by fraud; or

(3)should not have been incorporated under the statutory authority relied upon.

(b)Powers of court.--In every action or proceeding instituted under subsection (a), the court shall have power to wind up the affairs of and to dissolve the corporation in the manner provided in this part or as otherwise provided by law.

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(a) General rule.--The Attorney General may institute proceedings to revoke the articles and franchises of a corporation if it:

(1) misused or failed to use its powers, privileges or franchises;

(2) procured its articles by fraud; or

(3) should not have been incorporated under the statutory authority relied upon.

(b) Powers of court.--In every action or proceeding instituted under subsection (a), the court shall have power to wind up the affairs of and to dissolve the corporation in the manner provided in this part or as otherwise provided by law.