Nature of transactions.

15 Pa.C.S. § 315
in effect
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(a) General rule.--The fact that a sale or conversion of the interests in or assets of an association or a transaction under this chapter or other law produces a result that could be accomplished in any other manner permitted by a different set of provisions of this chapter or other law shall not be a basis for recharacterizing the sale, conversion or transaction as a different form of sale, conversion or transaction under this chapter or other law. (b) Business purpose not required.--A transaction under this chapter does not require an independent business purpose in order for the transaction to be lawful. (Nov. 21, 2016, P.L.1328, No.170, eff. 90 days; Nov. 3, 2022, P.L.1791, No.122, eff. 60 days; July 15, 2024, P.L.728, No.59, eff. 60 days) 2024 Amendment. Act 59 amended subsec. (a). Cross References. Section 315 is referred to in section 1571 of this title.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.palegis.us/statutes/consolidated/view-statute?txtType=HTM&ttl=15Fetched: 10/16/2026

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15 Pa.C.S. § 315 — Nature of transactions | Pennsylvania Consolidated Statutes (Aug. 2026 snapshot) | Corpus