<?xml version='1.0' encoding='utf-8'?>
<section article="gca" article_name="Corporations and Associations" number="4-201" title_number="4" title_name="Close Corporations" subtitle_number="2" subtitle_name="Election to Be a Close Corporation">
  <level label="a">
    <text>A corporation may elect to be a close corporation under this title by including in its charter a statement that it is a close corporation.</text>
  </level>
  <level label="b">
    <text>The statement that a corporation is a close corporation shall be:</text>
    <level label="1">
      <text>Contained in the articles of incorporation originally filed with the Department; or</text>
    </level>
    <level label="2">
      <text>Added to the charter by an amendment which is approved:</text>
      <level label="i">
        <text>Under the provisions of § 2-603 of this article, if at the time of the adoption of the amendment no stock of the corporation is either outstanding or subscribed for; or</text>
      </level>
      <level label="ii">
        <text>By the affirmative vote of every stockholder and every subscriber for stock of the corporation.</text>
      </level>
    </level>
  </level>
</section>
