Kansas Statutes 17-7204. Election of existing corporation to become close corporation
Terms Used In Kansas Statutes 17-7204
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
Any corporation organized under the Kansas general corporation code may become a close corporation under Kan. Stat. Ann. §§ 17-7201 through 17-7216, and amendments thereto, by executing and filing, in accordance with Kan. Stat. Ann. §§ 17-7908 through 17-7910, and amendments thereto, a certificate of amendment of its articles of incorporation which shall contain: (a) A statement that it elects to become a close corporation; (b) the provisions required by Kan. Stat. Ann. § 17-7202, and amendments thereto, to appear in the articles of incorporation of a close corporation; and (c) a heading stating the name of the corporation and that it is a close corporation. Such amendment shall be adopted in accordance with the requirements of Kan. Stat. Ann. §§ 17-6601 or 17-6602, and amendments thereto, except that it must be approved by a vote of the holders of record of at least 2/3 of the shares of each class of stock of the corporation which are outstanding.