By Cheshire Law Group
The Pennsylvania Legislature has amended and updated the state’s Nonprofit Corporation Law to clarify standards of fiduciary duty for officers and directors, create a new annual filing requirement with the possibility of administrative dissolution for noncompliance, and generally update and clarify the rules for nonprofit operations. The Amendments are included in a general overhaul of the Associations Code (Title 15 of Pennsylvania Consolidated Statutes) covering many types of business entities. (Act 122 of 2022, stemming from H.B. 2057)
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