Section 10-2A-302 Formation of a close corporation.
Section 10-2A-302
Formation of a close corporation.
A close corporation shall be formed in accordance with Sections 10-2A-90 through 10-2A-96, except that such formation must be authorized by the affirmative vote of all holders of and subscribers to shares of the corporation, and:
(1) The articles of incorporation shall contain a heading stating the name of the corporation and that it is a close corporation; and
(2) The articles of incorporation shall contain the provisions required by Section 10-2A-301; and
(3) Each certificate for shares shall conspicuously note the fact that the corporation is a close corporation and make reference to the restriction on transfer of shares set forth in the articles of incorporation.
(Acts 1980, No. 80-633, p. 1094, §163.)