<?xml version='1.0' encoding='utf-8'?>
<section article="gca" article_name="Corporations and Associations" number="4-501" title_number="4" title_name="Close Corporations" subtitle_number="5" subtitle_name="Stock Restrictions">
  <text>If there is any stock of a close corporation outstanding, the corporation may not issue or sell any of its stock, including treasury stock, unless the issuance or sale is:</text>
  <level label="1">
    <text>Approved by the affirmative vote of the holders of all outstanding stock; or</text>
  </level>
  <level label="2">
    <text>Permitted by a unanimous stockholders’ agreement.</text>
  </level>
</section>
