Pennsylvania § 524 - Renunciation of business opportunities.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 524 — Renunciation of business opportunities., with citation guidance and answers to common questions.
§ 524. Renunciation of business opportunities.
The articles of incorporation, or an action of the board of directors, may renounce any interest or expectancy of a banking institution in, or in being offered an opportunity to participate in, a specified business opportunity or specified classes or categories of business opportunities that are presented to the corporation or to one or more of its directors, officers, shareholders or members.
(Nov. 3, 2022, P.L.1791, No.122, eff. 60 days)
2022 Amendment. Act 122 added section 524.
SUBPART B
BUSINESS CORPORATIONS
Article
A. Preliminary Provisions
B. Domestic Business Corporations Generally
C. Domestic Business Corporation Ancillaries
D. Foreign Business Corporations
Special Provisions in Appendix. See section 404(a)(8) of Act 198 of 1990 in the appendix to this title for special provisions relating to the expansion of the scope of Subpart B.
Source: official Pennsylvania text · Last verified 2026-08-27
Frequently Asked Questions About Pennsylvania § 524
What does Pennsylvania Consolidated Statutes § 524 cover?
Section 524 ("Renunciation of business opportunities.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Pennsylvania § 524?
A common citation format is "Pennsylvania Consolidated Statutes § 524" (Pennsylvania). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 524 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Pennsylvania.