1. (a) This section applies to an existing corporation that elected to become a close corporation before the effective date of this code and has not terminated that status.
2. (b) A close corporation existing before the effective date of this code is considered to be a close corporation under this code.
3. (c) A provision in the articles of incorporation of a close corporation authorized under former law is valid and enforceable if the corporation's status as a close corporation has not been terminated.
4. (d) An agreement among the shareholders of a close corporation in conformance with former law and Sections 21.714-21.725 before the effective date of this code is considered to be a shareholders' agreement.
5. (e) A certificate representing the shares issued or delivered by the close corporation after the effective date of this code, whether in connection with the original issue of shares or a transfer of shares, must conform with Section 21.732.

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.