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.
Structure Delaware Code
Chapter 1. GENERAL CORPORATION LAW
Subchapter XIV. Close Corporations; Special Provisions
§ 341. Law applicable to close corporation.
§ 342. Close corporation defined; contents of certificate of incorporation.
§ 343. Formation of a close corporation.
§ 344. Election of existing corporation to become a close corporation.
§ 345. Limitations on continuation of close corporation status.
§ 347. Issuance or transfer of stock of a close corporation in breach of qualifying conditions.
§ 348. Involuntary termination of close corporation status; proceeding to prevent loss of status.
§ 349. Corporate option where a restriction on transfer of a security is held invalid.
§ 350. Agreements restricting discretion of directors.
§ 351. Management by stockholders.
§ 352. Appointment of custodian for close corporation.
§ 353. Appointment of a provisional director in certain cases.
§ 354. Operating corporation as partnership.