1. (a) This article applies to all close corporations, as defined in Section 10A-30-2.02.
2. (b) All provisions of this article shall be applicable to all close corporations as defined in Section 10A-30-2.02 except insofar as this article otherwise provides.
3. (c) Neither election to become, nor operation as, a close corporation shall deprive any shareholder of such corporation of the limitation of liability provided under the Alabama Business Corporation Law.
4. (d) This chapter shall apply only to close corporations formed in accordance with Section 10A-30-2.03 before January 1, 1995, or electing to become a close corporation pursuant to Section 10A-30-2.04 before January 1, 1995, and which has not voluntarily terminated its status as a close corporation or otherwise ceased to be a close corporation to which the provisions of this article apply before January 1, 1995.

(Acts 1980, No. 80-633, p. 1094, §161; Acts 1994, No. 94-245, p. 457, §4; §10-2A-300; amended and renumbered by Act 2009-513, p. 967, §372; Act 2019-94, §2.)