Home >> Statutes >> Back

Click to open printable format in new window.Printable Format
 | Next

17-7206. Voluntary termination of status as close corporation; amendment of articles of incorporation; vote required. (a) A corporation may voluntarily terminate its status as a close corporation and cease to be subject to the provisions of this code relating thereto by amending its articles of incorporation to delete therefrom the additional provisions required or permitted by K.S.A. 17-7202, and amendments thereto, to be stated in the articles of incorporation of a close corporation. Any such amendment shall be adopted and shall become effective in accordance with K.S.A. 17-6602, and amendments thereto, except that it must be approved by 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.

(b) The articles of incorporation of a close corporation may provide that on any amendment to terminate its status as a close corporation, a vote greater than 2 / 3 or a vote of all shares of any class shall be required; and if the articles of incorporation contain such a provision, that provision shall not be amended, repealed or modified by any vote less than such greater vote.

History: L. 1972, ch. 52, § 130; L. 2016, ch. 110, § 110; July 1.

Source or Prior Law:

8 Del. C. § 346.

Cross References to Related Sections:

Limitations on duration of corporation's existence, see 17-6002 (b) (5), 17-6102 (1).

Stockholders' meetings and voting of stock, see 17-6501 et seq.

Restated articles of incorporation, see 17-6605.

Law Review and Bar Journal References:

"The Kansas Corporation Code of 1972," William E. Treadway, 40 J.B.A.K. 301, 349 (1971).

"Statutory Treatment of the Kansas Close Corporation," 13 W.L.J. 494, 497, 505 (1974).

 | Next

  11/09/2023 Meeting Notice  Agenda
  08/09/2023 Meeting Notice Agenda
  06/05/2023 Meeting Notice Agenda
  04/25/2023 Meeting Notice Agenda
  LCC Policies

  2023 New, Amended and Repealed by KSA
  2023 New, Amended and Repealed by Bill
  Chapter 72 Statute Transfer List
  Kansas School Equity & Enhancement Act
  Gannon v. State
  Information for Special Session 2021
  General Info., Legal Analysis & Research
  2022 Amended & Repealed Statutes
  2021 Amended & Repealed Statutes
  2020 Amended & repealed Statutes
  2019 Amended & Repealed Statutes

Session Laws

Kansas Legislature
Administrative Services
Division of Post Audit
Research Department