22 Pa. Code § 31.72 - Obligations

The institution shall work with the Department to ensure the following, if necessitated by the corporate change:

(1) Students near graduation at the time of closing may complete their graduation requirements at other institutions and receive their degrees.

(2) Students needing to transfer to other institutions are able to do so in the most effective manner.

(3) The academic records of students under § 31.33 (relating to student records and services) are completed and in good order.

(4) By the time of closing, student academic records shall have been converted to a usable and retrievable form and placed with a readily accessible depository.

(5) The students and alumni have been notified of the location of their permanent records.

(6) By the time of closing, institutional records, such as faculty and administration employment and personnel records, records of contributions to the institution for verification for Internal Revenue Service purposes, trustee minutes and other corporate records as deemed necessary shall have been converted to a usable and retrievable form and placed with a readily accessible depository.

(7) A plan for the distribution of the institution's assets has been prepared and, when necessary, contact has been made with the appropriate court.

(8) The institution's legal authorization to award college credits or grant degrees is revoked.

(9) Applicable statutes found at 15 Pa.C.S. Part II, Subpart B (relating to Business Corporation Law of 1988) or Subpart C (relating to Nonprofit Corporation Law of 1988); section 2601-H of the School Code (24 P. S. § 26-2601-H); and 24 Pa.C.S. Chapter 65 (relating to private colleges, universities and seminaries), regarding the type of corporate change being effected have been addressed.

Notes

22 Pa. Code § 31.72

The provisions of this § 31.72 adopted April 30, 1982, effective 5/1/1982, 12 Pa.B. 1389; amended January 29, 1988, effective 1/30/1988, 18 Pa.B. 455; amended February 7, 1992, effective 2/8/1992, 22 Pa.B. 578; amended July 14, 2006, effective 7/15/2006, 36 Pa.B. 3650.

The provisions of this § 31.72 amended under sections 2603-B and 2604-B of the Public School Code of 1949 (24 P. S. §§ 26-2603-B and 26-2604-B); and section 1 of the act of August 13, 1963 (P. L. 698, No. 372) (24 P. S. § 2421) (Repealed).

This section cited in 22 Pa. Code § 31.1 (relating to purpose and scope); 22 Pa. Code § 36.8 (relating to evaluation and approval); and 22 Pa. Code § 40.54 (relating to approval of a closed institution to reopen).