2305 - Election of an existing business corporation to become a statutory close corporation. - Pennsylvania Statutes

§ 2305. Election of an existing business corporation to become a statutory close corporation. (a) General rule.--A business corporation may become a statutory close corporation under this chapter by amending its articles so that they shall contain, in addition to the requirements of section 1911(b) (relating to exceptions): (1) A heading stating the name of the corporation and that it is a statutory close corporation. (2) A statement that it elects to become a statutory close corporation. (3) The provision required by section 2304(a) (relating to additional contents of articles of statutory close corporations). (b) Procedure.--The amendment shall not be effective unless it is adopted by the affirmative vote of all shareholders of the corporation whether or not otherwise entitled to vote thereon.