3838

A close corporation continues to be such and to be subject to this subtitle until:\n(a) It files with the Secretary of State a certificate of amendment deleting from its certificate of incorporation the provisions required or permitted by § 3823 of this title to be stated in the certificate of incorporation to qualify it as a close corporation, or\n(b) any of the provisions or conditions required or permitted by § 3823 of this title to be stated in a certificate of incorporation to qualify a corporation as a close corporation has in fact been breached and neither the corporation nor any of its stockholders takes the steps required by § 3839 of this title to prevent such loss of status or to remedy such breach.\nHistory —Dec. 16, 2009, No. 164, § 14.18.