§ 4-502. Certain securities and stock options prohibited.
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.
[An. Code 1957, art. 23, § 102; 1975, ch. 311, § 2.]
§ 4-502. Certain securities and stock options prohibited.
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.
[An. Code 1957, art. 23, § 102; 1975, ch. 311, § 2.]
§ 4-502. Certain securities and stock options prohibited.
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.
[An. Code 1957, art. 23, § 102; 1975, ch. 311, § 2.]
