§ 17-18-103 — Requirements to choose options

Wyoming § 17-18-103

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 18: WYOMING MANAGEMENT STABILITY ACT
• Art. 1: GENERAL PROVISIONS

Text

(a) Any qualified corporation may elect to exercise or not
to exercise any of the options set forth in articles 1 and 2 of
this act. No elections for an option shall be made if the
corporation does not meet the criteria of a qualified
corporation at the time of the election. Any elections made
under articles 1 and 2 of this act may be terminated in the same
manner as the elections are made subject to the restrictions of
this act.
(b) If a corporation ceases to have substantial business
operations within Wyoming, any election made under articles 1
and 2 of this act shall be null and void until the substantial
business operations are restored and maintained for at least
ninety (90) days. If the corporation terminates substantial
business operations in Wyoming for the purpose of terminating an
election under articles 1 and 2 of this act, the election shall
remain in effect. If a corporation terminates substantial
business operations within Wyoming for the purpose of voiding
the restrictions on business combinations with interested
stockholders provided by W.S. 17-18-104, the restrictions shall
remain in effect.
(c) If a corporation ceases to be a qualified corporation
because it is no longer a large publicly traded corporation due
to insufficient assets required by the definition provided in
W.S. 17-18-102(b)(viii), at the end of a fiscal year any
election made under articles 1 and 2 of this act and the
requirements of W.S. 17-18-104 and article 3 of this act shall
be null and void sixty (60) days after the end of the following
fiscal year unless sufficient assets are again present at the
end of that fiscal year.
(d) If a corporation ceases to be a qualified corporation
because it is no longer a large publicly traded corporation due
to failure to meet the class of voting stock requirements
required by the definition provided in W.S. 17-18-102(b)(viii),
the corporation shall continue to be subject to W.S. 17-18-104
and article 3 of this act for five (5) years and any election
made under articles 1 and 2 of this act prior to the failure to
meet the criteria shall be null and void five (5) years from the
date of the failure to meet the criteria. If the criteria are
again met the election shall become effective and the
corporation shall continue to be subject to W.S. 17-18-104.