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PRINTER'S NO. 3587
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
2422
Session of
2020
INTRODUCED BY SIMS, KENYATTA, KINSEY, YOUNGBLOOD, DELLOSO,
DRISCOLL, SANCHEZ AND GALLOWAY, APRIL 20, 2020
REFERRED TO COMMITTEE ON FINANCE, APRIL 20, 2020
AN ACT
Amending Title 15 (Corporations and Unincorporated Associations)
of the Pennsylvania Consolidated Statutes, in corporate
powers, duties and safeguards, further providing for
investment of trust funds.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 5548(c) of Title 15 of the Pennsylvania
Consolidated Statutes is amended by adding a paragraph to read:
§ 5548. Investment of trust funds.
* * *
(c) Determination of income.--
* * *
(3.1) Upon declaration by the Governor of a disaster
emergency under 35 Pa.C.S. § 7301(c) (relating to general
authority of Governor), and continuing for a period of one
year after the date the declaration is terminated or expires
under 35 Pa.C.S. § 7301(c) , the term "income" under paragraph
(3) shall mean between no less than 2% nor more than 10% of
the value of the assets so held by the corporation.
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Section 2. This act shall take effect immediately.
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