17-7205. Limitations on continuation of close corporation status.
17-7205
17-7205. Limitations on continuation of close corporation status.
A close corporation continues to be such and to be subject to the
provisions of K.S.A. 17-7201 to 17-7216, inclusive, until:
(a) It files with the secretary of state a certificate of amendment
deleting from its articles of incorporation the provisions required or
permitted by K.S.A. 17-7202 to be stated in the
articles of incorporation to qualify it as a close corporation; or
(b) Any one of the provisions or conditions required or permitted by
K.S.A. 17-7202 to be stated in the articles of
incorporation to qualify a corporation as a close corporation has been
breached, in fact, and neither the corporation nor any of its
stockholders takes the steps required by K.S.A. 17-7208 to prevent such
loss of status or to remedy such breach.
History: L. 1972, ch. 52, § 129; July 1.