17-7214. Operation of close corporation as partnership. No written agreement among stockholders of a close corporation, nor any provision of the articles of incorporation or of the bylaws of the corporation, which agreement or provision relates to any phase of the affairs of such corporation, including but not limited to the management of its business or declaration and payment of dividends, or other division of profits, or the election of directors or officers, or the employment of stockholders by the corporation, or the arbitration of disputes, shall be invalid on the ground that it is an attempt by the parties to the agreement or by the stockholders of the corporation to treat the corporation as if it were a partnership, or to arrange relations among the stockholders or between the stockholders and the corporation in a manner that would be appropriate only among partners.
History: L. 1972, ch. 52, ยง 138; July 1.
Structure Kansas Statutes
Article 72 - Close Corporations
17-7201 Laws applicable to close corporations.
17-7203 Formation of close corporation.
17-7204 Election of existing corporation to become close corporation.
17-7205 Limitations on continuation of close corporation status.
17-7209 Invalid transfer of close corporation's security; corporate option.
17-7211 Management of close corporation by stockholders.
17-7212 Appointment of custodian for close corporation, when.
17-7214 Operation of close corporation as partnership.
17-7216 Effect of close corporation provisions on other laws.