Formation of a close corporation; applicable to corporations formed as close corporations before January 1, 1995.

A close corporation which was formed in accordance with former Sections 10-2A-90 through 10-2A-96 must have been authorized by the affirmative vote of all holders of and subscribers to shares of the corporation, and:

(1) The certificate of formation contains a heading stating the name of the corporation and that it is a close corporation; and

(2) The certificate of formation contains the provisions required by Section 10A-30-2.02; and

(3) Each certificate for shares conspicuously notes the fact that the corporation is a close corporation and make reference to the restriction on transfer of shares set forth in the certificate of formation.

(Acts 1980, No. 80-633, p. 1094, §163; §10-2A-302; amended and renumbered by Act 2009-513, p. 967, §372; Act 2019-94, §2.)