17-7201. Laws applicable to close corporations. (a) K.S.A. 17-7201 through 17-7216, and amendments thereto, apply to all close corporations, as defined in K.S.A. 17-7202, and amendments thereto. Unless a corporation elects to become a close corporation under the foregoing sections in the manner prescribed therein, it shall be subject in all respects to the provisions of this code, except the provisions of K.S.A. 17-7201 through 17-7216, and amendments thereto.
(b) All provisions of this code shall be applicable to all close corporations, as defined in K.S.A. 17-7202, and amendments thereto, except as otherwise provided in K.S.A. 17-7201 through 17-7216, and amendments thereto.
History: L. 1972, ch. 52, § 125; L. 2016, ch. 110, § 106; July 1.
Source or Prior Law:
8 Del. C. § 341.
Cross References to Related Sections:
Application of code, see 17-6101(b), 17-7403.
Effect of 17-7201 through 17-7215 on other laws, see 17-7216.
Application of code to foreign corporations, see 17-7305(c).
Law Review and Bar Journal References:
"Shareholder Duties in Closely Held Kansas Corporations After Hunt v. Data Management Resources," Robert Drumm, 49 K.L.R. 1159 (2001).
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