351.755. Definition--election of status. - Missouri Statutes

Definition--election of status.

351.755. 1. A statutory close corporation is acorporation whose articles of incorporation contain a statementthat the corporation is a statutory close corporation.

2. A corporation having fifty or fewer shareholders maybecome a statutory close corporation by amending its articles ofincorporation to include the statement required by subsection 1of this section. The amendment shall be approved by the holdersof at least two-thirds of the votes of each class or series ofshares of the corporation, voting as a class or series, whetheror not otherwise entitled to vote on amendments. If theamendment is adopted, a shareholder who voted against theamendment is entitled to assert dissenters' rights undersections 351.870 to 351.930.

3. The articles of incorporation of a statutory closecorporation may set forth the qualifications of shareholders,either by specifying classes of persons who shall be entitled tobe holders of record of shares of any class, or by specifyingclasses of persons who shall not be entitled to be holders ofrecord of shares of any class, or both.

(L. 1990 H.B. 1432)