Ala. Code § 10A-30-2.04 (1975) Voluntary Termination of Close Corporation Status By Amendment of Certificate of Formation; Vote Required; Applicable to Corporations Formed As Close Corporations Or Electing Close Corporation Status Prior to January 1, 1995

• Library: Alabama Statutes
• Edition: 2023
• Currency: Current with legislation from the 2023 Regular and Special Sessions.
• Year: 2023
• Citation: Ala. Code § 10A-30-2.04 (1975)

(a) A corporation may voluntarily terminate its status as a close corporation and cease to be subject to this article by amending its certificate of formation to delete therefrom the additional provisions required or permitted by Section <codecitation statecd="AL" sessionyear="2023" datatype="S" title="10A" catchline=""Close corporation" defined; contents of certificate of formation; number of shareholders; applicable to corporations formed as close corporations or electing close corporation status prior to January 1, 1995">10A-30-2.02</codecitation> to be stated in the certificate of formation of close corporations except such provisions as are permitted by the Alabama Business Corporation Law which the corporation chooses to retain. Any such amendment shall be adopted and shall become effective in accordance with the Alabama Business Corporation Law, except that it must be approved by a vote of the holders of record of at least one-third of the shares of each class of sto...