Section 10-2A-303

Election of existing corporation to become a close corporation.

Any corporation subject to this chapter may become a close corporation by amending its articles of incorporation to contain a statement that it elects to become a close corporation, to contain the provisions required by Section 10-2A-301 to appear in the articles of incorporation of a close corporation, and to contain 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 this chapter, except that it must be approved by the unanimous affirmative vote of the holders of record of all the shares of each class of stock of the corporation which are outstanding.

(Acts 1980, No. 80-633, p. 1094, §164.)