Pennsylvania Act 1927-446 — SALES OF PROPERTY IN BULK BY CORPORATIONS

Act text

SALES OF PROPERTY IN BULK BY CORPORATIONS
                  Act of May 10, 1927, P.L. 879, No. 446              Cl. 12
                                  AN ACT

     Regulating the sale in bulk of fifty-one per centum or more of
        the stock of goods, wares or merchandise of any kind,
        fixtures, machinery, equipment or real estate, by every
        corporation, joint-stock association, limited partnership or
        company; providing certain requirements therefor and imposing
        certain duties upon the seller and buyer; and fixing
        penalties.

        Section 1.  Be it enacted, &c., That every corporation,
     joint-stock association, limited partnership or company, now or
     hereafter incorporated or organized under the laws of this
     Commonwealth, or under the laws of the United States or any
     other state, and engaged in business in this Commonwealth, which
     shall sell in bulk fifty-one per centum or more of any stock of
     goods, wares or merchandise of any kind, fixtures, machinery,
     equipment, buildings or real estate, shall give the Department
     of Revenue ten days' notice of the sale, prior to the completion
     of the transfer of such property. It shall also be the duty of
     every corporation, joint-stock association, limited partnership
     or company to file all State tax reports with the Department of
     Revenue to the date of such proposed transfer of property, and
     pay all taxes and unemployment compensation contributions due
     the Commonwealth to said date. The seller shall present to the
     purchaser of such property a certificate from the Department of
     Revenue showing that all State tax reports have been filed and
     all State taxes, unemployment compensation contributions paid to
     the date of the proposed transfer. The failure of the purchaser
     to require this certificate shall render such purchaser liable
     to the Commonwealth for the unpaid taxes owing by the seller or
     transferer: Provided further, That nothing contained in this act
     shall apply to sales made under any order of court, or to any
     sales made by assignees for the benefit of creditors, executors,
     administrators, receivers or any public officer in his official
     capacity, or by any officer of a court.
        (1 amended May 25, 1939, P.L.189, No.97)