(a) General rule.--This subchapter shall apply to and the terms "corporation" or "domestic corporation" in this subchapter shall mean a domestic corporation except:
(1) A business corporation as defined in section 1103 (relating to definitions).
(2) A nonprofit corporation as defined in section 5103 (relating to definitions).
(b) Alternative provisions.--Section 516 (relating to alternative standard) shall not be applicable to any corporation to which section 515 (relating to exercise of powers generally) is applicable. Section 515 shall be applicable to any corporation except a corporation:
(1) the bylaws of which, by amendment adopted by the board of directors on or before July 26, 1990, and not subsequently rescinded by an articles amendment, explicitly provide that section 515 or corresponding provisions of prior law shall not be applicable to the corporation; or
(2) the articles of which explicitly provide that section 515 or corresponding provisions of prior law shall not be applicable to the corporation.
Cross References. Section 511 is referred to in sections 515, 516, 1711 of this title.
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