Section 23.5. Term of existence

The term of existence of a business corporation may be limited in the articles of incorporation. Section 1306(a)(6) of the BCL (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 1502(a)(1) of the BCL (relating to general powers) provides that every business corporation shall have perpetual succession unless a limited duration is specified in its articles and provides in section 1914(c)(2)(ii) of the BCL (relating to adoption of amendments) that unless otherwise restricted in the articles, the board of directors may, without the approval of the shareholders, amend the articles of incorporation of the corporation to provide for perpetual existence.

The provisions of this § 23.5 adopted April 17, 1992, effective April 18, 1992, 22 Pa.B. 1993.