Open Corporation
Defined in 2 dictionaries — Cyclopedic (1922), Ballentine's (1916)
The Cyclopedic Law Dictionary
Walter A. Shumaker and George Foster Longsdorf; ed. James C. Cahill · 1922
One in which all members have a vote to choose officers, as distinguished from a "close corporation," wherein the officers fill vacancies. 3 Bland, Ch. (Md.) 416, note. The latter term in common use means that all stock is closely held, usually by a few persons, so that no one else can, by purchase of shares, obtain a voice in the policy of the corporation.
Ballentine's Law Dictionary
James A. Ballentine · 1916
One all of whose members may vote for its officers. See 3 Bland (Md.), 407.