§ 17-17-103 — 17-17-103. Definition and election of statutory close corporation status

(a) A statutory close corporation is a corporation whose
articles of incorporation contain a statement that the
corporation is a statutory close corporation.
(b) A corporation having thirty-five (35) or fewer
shareholders may become a statutory close corporation by
amending its articles of incorporation to include the statement
required by subsection (a) of this section. For corporations
formed prior to January 1, 1990, the amendment shall be approved
by all of the holders of the votes of each class or series of
shares of the corporation, whether or not otherwise entitled to
vote on amendments. For corporations formed on or after January
1, 1990, the amendment must be approved by the holders of at
least two-thirds (2/3) of the votes of each class or series of
shares of the corporation, voting as separate voting groups,
whether or not otherwise entitled to vote on amendments. If the
amendment is adopted, a shareholder who voted against the
amendment is entitled to assert dissenters' rights under W.S.
17-16-1301 through 17-16-1331.
Subarticle B. Shares