17-7205. Limitations on continuation of close corporation status. 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.
History: L. 1972, ch. 52, § 129; L. 2016, ch. 110, § 109; July 1.
Source or Prior Law:
8 Del. C. § 345.
Cross References to Related Sections:
Limitations on duration of corporation's existence, see 17-6002(b)(5), 17-6102(1).
Amendment of articles of incorporation, see 17-6601, 17-6602.
Restated articles of incorporation, see 17-6605.
Revocation or forfeiture of articles of incorporation for abuse, misuse or nonuse of corporate powers, privileges or franchises, see 17-6812.
Extension, renewal or reinstatement of articles of incorporation, see 17-7002.
Law Review and Bar Journal References:
"Statutory Treatment of the Kansas Close Corporation," 13 W.L.J. 494, 497 (1974).
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