(a) Excluded entities.-- The following entities may not participate in a transaction under this chapter: (1) A cooperative corporation subject to Chapter 73 (relating to electric cooperative corporations). (2) A beneficial, benevolent, fraternal or fraternal benefit society: (i) having a lodge system and a representative form of government; or (ii) transacting any type of insurance. (3) A credit union. (b) Excluded transactions involving certain nonprofit corporations.-- The following apply to nonprofit corporations: (1) Except as provided in paragraph (2), this chapter may not be used to accomplish a transaction that has the effect of converting a domestic nonprofit corporation that is subject to the supervision of the Department of Banking and Securities, the Insurance Department or the Pennsylvania Public Utility Commission to a different type of entity. (2) Paragraph (1) does not apply to a transaction under this chapter in which a health maintenance organization is converted to a different type of entity if the transaction has received the prior approval of the Insurance Department. (c) Cross references.-- See sections 103 (relating to subordination of title to regulatory laws) and 314 (relating to regulatory conditions and required notices and approvals).
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