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2020 Delaware Code
Title 8 - Corporations
Chapter 1. General Corporation Law
Subchapter XIV. Close Corporations; Special Provisions
§ 345 Limitations on continuation of close corporation status.
Universal Citation: 8 DE Code § 345. (2020)
§ 345. Limitations on continuation of close corporation status. 8 Del. C. 1953, § 345; 56 Del. Laws, c. 50.;
A close corporation continues to be such and to be subject to this subchapter until:
(1) It files with the Secretary of State a certificate of amendment deleting from its certificate of incorporation the provisions required or permitted by § 342 of this title to be stated in the certificate of incorporation to qualify it as a close corporation; or
(2) Any 1 of the provisions or conditions required or permitted by § 342 of this title to be stated in a certificate of incorporation to qualify a corporation as a close corporation has in fact been breached and neither the corporation nor any of its stockholders takes the steps required by § 348 of this title to prevent such loss of status or to remedy such breach.
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