79-27-3 - Application of chapter; election to be subject to chapter.
§ 79-27-3. Application of chapter; election to be subject to chapter.
(1) This chapter applies to all issuing public corporations in existence on and after January 1, 1991.
(2) A domestic corporation that is not an issuing public corporation but that has one hundred (100) or more shareholders of record and meets one (1) of the requirements set forth in Section 79-27-5(g)(i)(B), or an issuing public corporation to which this chapter does not apply, may elect to be subject to this chapter as an issuing public corporation by amending its articles of incorporation to provide that this chapter shall apply to the corporation as of a specified date and filing the amendment in the office of the Secretary of State on or before such date. Any corporation so electing shall be an "issuing public corporation" for purposes of this chapter.
Sources: Laws, 1990, ch. 411, § 2, eff from and after January 1, 1991.