1. (a) A corporation may elect to be a close corporation under this title by including in its charter a statement that it is a close corporation.

2. (b) The statement that a corporation is a close corporation shall be:

   1. (1) Contained in the articles of incorporation originally filed with the Department; or

   2. (2) Added to the charter by an amendment which is approved:

      1. (i) Under the provisions of § 2-603 of this article, if at the time of the adoption of the amendment no stock of the corporation is either outstanding or subscribed for; or
      2. (ii) By the affirmative vote of every stockholder and every subscriber for stock of the corporation.

Added by Acts 1975, c. 311, § 2, eff. July 1, 1975.

Formerly Art. 23, § 100.