17-7205. Limitations on continuation of close corporation status.
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/ks/chapter-17/17-7205A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.