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K.S.A. 17-7205

Limitations on continuation of close corporation status

L. 1972, ch. 52, § 129; L. 2016, ch. 110, § 109; July 1.

A close corporation continues to be such and to be subject to the provisions of K.S.A. 17-7201 through 17-7216 , and amendments thereto, 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 , and amendments thereto, 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 , and amendments thereto, 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 , and amendments thereto, to prevent such loss of status or to remedy such breach.

Official source: Kansas Office of Revisor of Statutes. Reproduced from public-domain Kansas statutes; confirm against the official source for the current text. Not legal advice.