§ 20.11.
109 words·~1 min read·
/vt/20-11A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 20.11. Limitations on continuation of close corporation status
The status of a close corporation subject to the provisions of this chapter shall continue until:
(1)the close corporation files with the Secretary of State articles of amendment deleting from its articles of incorporation any or all of the provisions required by section 20.02 of this title; or
(2)one or more of the provisions or conditions required by section 20.02 of this title has been breached and neither the corporation nor any of its shareholders proceed under section 20.14 of this title to prevent the loss of status. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994.)