Statement of election

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    (a)    A corporation may elect to be a close corporation under this title by including in its charter a statement that it is a close corporation.

    (b)    The statement that a corporation is a close corporation shall be:

        (1)    Contained in the articles of incorporation originally filed with the Department; or

        (2)    Added to the charter by an amendment which is approved:

            (i)    Under the provisions of § 2-603 of this article, if at the time of the adoption of the amendment no stock of the corporation is either outstanding or subscribed for; or

            (ii)    By the affirmative vote of every stockholder and every subscriber for stock of the corporation.


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