17-7206.   Voluntary termination of status as close corporation;amendment of articles of incorporation; vote required.(a) A corporation may voluntarily terminate its status as a closecorporation and cease to be subject to the provisions of this actrelating thereto by amending its articles of incorporation to deletetherefrom the additional provisions required or permitted by K.S.A. 17-7202to be stated in the articles of incorporation of aclose corporation. Any such amendment shall be adopted and shall becomeeffective in accordance with K.S.A. 17-6602, exceptthat it must be approved by vote of the holders of record of at leasttwo-thirds (2/3) of the shares of each class of stock of the corporationwhich are outstanding.

      (b)   The articles of incorporation of a close corporation may providethat on any amendment to terminate its status as a close corporation, avote greater than two-thirds (2/3) or a vote of all shares of any classshall be required; and if the articles of incorporation contain such aprovision, that provision shall not be amended, repealed or modified byany vote less than that required to terminate the corporation's statusas a close corporation.

      History:   L. 1972, ch. 52, § 130; July 1.