§ 4-502. Certain securities and stock options prohibited

Latest version.

   A close corporation may not have outstanding any:

   (1) Securities which are convertible into its stock;

   (2) Voting securities other than stock; or

   (3) Options, warrants, or other rights to subscribe for or purchase any of its stock, unless they are nontransferable.

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

                    
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