Home/Pennsylvania/Statutes/Title 15: CORPORATIONS AND UNINCORPORATED ASSOCIATIONS/Part: PART II/Ch. 17: OFFICERS, DIRECTORS AND SHAREHOLDERS/Subch.: FIDUCIARY DUTY/§ 1719
Pennsylvania Statutes

§ 1719 — Renunciation of business opportunities

Pennsylvania·Title 15 CORPORATIONS AND UNINCORPORATED ASSOCIATIONS·Part PART II·Ch. 17 OFFICERS, DIRECTORS AND SHAREHOLDERS·Subch. FIDUCIARY DUTY
The articles of incorporation, or an action of the board of directors, may renounce any interest or expectancy of a business corporation in, or in being offered an opportunity to participate in, a specified business opportunity or specified classes or categories of business opportunities that are presented to the corporation or to one or more of its directors, officers or shareholders.

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Legislative History

(Nov. 3, 2022, P.L.1791, No.122, eff. 60 days) 2022 Amendment.Act 122 added section 1719.

Nearby Sections

15
§ 1701
Applicability of subchapter
§ 1702
Manner of giving notice
§ 1703
Place and notice of meetings of board of directors
§ 1704
Place and notice of meetings of shareholders
§ 1705
Waiver of notice
§ 1706
Modification of proposal contained in notice
§ 1707
Exception to requirement of notice
§ 1708
Use of conference telephone or other electronic technology
§ 1709
Conduct of shareholders meeting
§ 1711
Alternative provisions
§ 1712
Standard of care, justifiable reliance and business judgment rule
§ 1713
Personal liability of directors
§ 1714
Presumption of assent
§ 1715
Exercise of powers generally
§ 1716
Alternative standard
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