Section 10-2A-302 Formation of a close corporation. - Alabama Statutes

Section 10-2A-302

Formation of a close corporation.

A close corporation shall be formed in accordance with Sections 10-2A-90 through 10-2A-96, except that such formation must be authorized by the affirmative vote of all holders of and subscribers to shares of the corporation, and:

(1) The articles of incorporation shall contain a heading stating the name of the corporation and that it is a close corporation; and

(2) The articles of incorporation shall contain the provisions required by Section 10-2A-301; and

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

(Acts 1980, No. 80-633, p. 1094, §163.)