19 Pa. Code § 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.

Notes

19 Pa. Code § 27.7

The provisions of this § 27.7 adopted April 17, 1992, effective 4/18/1992, 22 Pa.B. 1993.

This section cited in 19 Pa. Code § 23.10 (relating to preemptive rights).