17-7205.   Limitations on continuation of close corporation status.A close corporation continues to be such and to be subject to theprovisions of K.S.A. 17-7201 to 17-7216, inclusive, until:

      (a)   It files with the secretary of state a certificate of amendmentdeleting from its articles of incorporation the provisions required orpermitted by K.S.A. 17-7202 to be stated in thearticles of incorporation to qualify it as a close corporation; or

      (b)   Any one of the provisions or conditions required or permitted byK.S.A. 17-7202 to be stated in the articles ofincorporation to qualify a corporation as a close corporation has beenbreached, in fact, and neither the corporation nor any of itsstockholders takes the steps required by K.S.A. 17-7208 to prevent suchloss of status or to remedy such breach.

      History:   L. 1972, ch. 52, § 129; July 1.