Article 9. Close Corporations

Part 1. Creation

• § 14-2-901. Application of Business Corporation Code and Professional Corporation Act
• § 14-2-902. Definition and Election of Statutory Close Corporation Status

Part 2. Shares

• § 14-2-910. Notice of Statutory Close Corporation Status On Issued Shares
• § 14-2-911. Share Transfer Prohibition
• § 14-2-912. Share Transfer After First Refusal By Corporation
• § 14-2-913. Attempted Share Transfer In Breach of Prohibition
• § 14-2-914. Compulsory Purchase of Shares After Death of Shareholder
• § 14-2-915. Exercise of Compulsory Purchase Right
• § 14-2-916. Court Action to Compel Purchase
• § 14-2-917. Court Costs and Other Expenses

Part 3. Governance

• § 14-2-920. Shareholder Agreements
• § 14-2-921. Special Terms and Powers of Directors
• § 14-2-922. Elimination of Board of Directors
• § 14-2-923. Bylaws
• § 14-2-924. Annual Meeting
• § 14-2-925. Execution of Documents In More Than One Capacity
• § 14-2-926. Limited Liability

Part 4. Reorganization and Termination

• § 14-2-930. Merger, Share Exchange, and Sale of Assets
• § 14-2-931. Termination of Statutory Close Corporation Status
• § 14-2-932. Effect of Termination of Statutory Close Corporation Status
• § 14-2-933. Shareholder Option to Dissolve Corporation

Part 5. Judicial Supervision

• § 14-2-940. Court Action to Protect Shareholders
• § 14-2-941. Ordinary Relief
• § 14-2-942. Extraordinary Relief; Share Purchase
• § 14-2-943. Extraordinary Relief; Dissolution

Part 6. Transition Provisions

• § 14-2-950. Application to Existing Corporations