Delaware Code Title 8 Sec. 341 – Law applicable to close corporation
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(a) This subchapter applies to all close corporations, as defined in § 342 of this title. Unless a corporation elects to become a close corporation under this subchapter in the manner prescribed in this subchapter, it shall be subject in all respects to this chapter, except this subchapter.
Terms Used In Delaware Code Title 8 Sec. 341
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(b) This chapter shall be applicable to all close corporations, as defined in § 342 of this title, except insofar as this subchapter otherwise provides.
8 Del. C. 1953, § ?341; 56 Del. Laws, c. 50.;