35-9-403. Effect of termination of statutory close corporation status. (1) A corporation that terminates its status as a statutory close corporation is thereafter subject to all provisions of the Montana Business Corporation Act or, if incorporated under the Montana Professional Corporation Act, to all provisions of that act.
(2) Termination of statutory close corporation status does not affect any right of a shareholder or of the corporation under an agreement or the articles of incorporation unless this chapter, the Montana Business Corporation Act, or another law of this state invalidates the right.
History: En. Sec. 20, Ch. 432, L. 1987.
Structure Montana Code Annotated
Title 35. Corporations, Partnerships, and Associations
Chapter 9. Montana Close Corporation Act
Part 4. Reorganization and Dissolution
35-9-401. Merger -- share exchange -- sale of assets
35-9-402. Termination of statutory close corporation status
35-9-403. Effect of termination of statutory close corporation status