(805 ILCS 5/2A.15)
(from Ch. 32, par. 2A.15)
Limitations on continuation of close corporation status.
A close corporation continues to be such and to be subject to this Article
(1) It files with the Secretary of State articles of amendment deleting
from its articles of incorporation the provisions required by Sections
2A.05 hereof pursuant to subsection (a) of Section 2A.20; or
(2) Any one of the restrictions on the transfer of shares set forth in
paragraph (s) of Section 1.80 to qualify a corporation as a close
corporation has in fact been breached or removed and neither the
corporation nor any of its shareholders proceeds under Section 2A.30 of
this Act to prevent such loss of status or to remedy such breach.
(Source: P.A. 86-1328.)