<?xml version='1.0' encoding='utf-8'?>
<section article="gca" article_name="Corporations and Associations" number="4-502" title_number="4" title_name="Close Corporations" subtitle_number="5" subtitle_name="Stock Restrictions">
  <text>A close corporation may not have outstanding any:</text>
  <level label="1">
    <text>Securities which are convertible into its stock;</text>
  </level>
  <level label="2">
    <text>Voting securities other than stock; or</text>
  </level>
  <level label="3">
    <text>Options, warrants, or other rights to subscribe for or purchase any of its stock, unless they are nontransferable.</text>
  </level>
</section>
