§ 2305. Election of an existing business corporation to become a statutory close corporation.
126 words·~1 min read·
/pa/title-15/chapter-23/2305A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 2305. Election of an existing business corporation to become a statutory close corporation.
(a)General rule.-- A business corporation may become a statutory close corporation under this chapter by amending its articles so that they shall contain, in addition to the requirements of section 1911(b) (relating to exceptions):
(1)A heading stating the name of the corporation and that it is a statutory close corporation.
(2)A statement that it elects to become a statutory close corporation.
(3)The provision required by section 2304(a) (relating to additional contents of articles of statutory close corporations).
(b)Procedure.-- The amendment shall not be effective unless it is adopted by the affirmative vote of all shareholders of the corporation whether or not otherwise entitled to vote thereon.
15c2306s