Section 180.1817. Effect of termination of statutory close corporation status.

Latest version.

(1) The termination of statutory close corporation status does not affect the rights of any shareholder or the corporation under an agreement or the corporation's articles of incorporation, except to the extent that the agreement or the articles of incorporation are invalid under this chapter.

(2) The corporation shall adopt bylaws if it has no bylaws on termination of statutory close corporation status.

1989 a. 303 .

                    
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