§ 4-201. Statement of election

Latest version.

   (a) Statement to be contained in charter. -- A corporation may elect to be a close corporation under this title by including in its charter a statement that it is a close corporation.

(b) Procedure. -- The statement that a corporation is a close corporation shall be:

   (1) Contained in the articles of incorporation originally filed with the Department; or

   (2) Added to the charter by an amendment which is approved:

      (i) Under the provisions of § 2-603 of this article, if at the time of the adoption of the amendment no stock of the corporation is either outstanding or subscribed for; or

      (ii) By the affirmative vote of every stockholder and every subscriber for stock of the corporation.

HISTORY: An. Code 1957, art. 23, § 100; 1975, ch. 311, § 2.

                    
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