Kansas Statutes 17-7205. Limitations on continuation of close corporation status
Terms Used In Kansas Statutes 17-7205
- 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.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
A close corporation continues to be such and to be subject to the provisions of Kan. Stat. Ann. §§ 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 Kan. Stat. Ann. § 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 Kan. Stat. Ann. § 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 Kan. Stat. Ann. § 17-7208, and amendments thereto, to prevent such loss of status or to remedy such breach.