§ 4-501. Restriction on issuance or sale of stock

Latest version.

   If there is any stock of a close corporation outstanding, the corporation may not issue or sell any of its stock, including treasury stock, unless the issuance or sale is:

   (1) Approved by the affirmative vote of the holders of all outstanding stock; or

   (2) Permitted by a unanimous stockholders' agreement.

HISTORY: An. Code 1957, art. 23, § 102; 1975, ch. 311, § 2.

                    
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