Effect of termination of close corporation status.

351.840. Effect of termination of close corporation status. — 1. A corporation that terminates its status as a statutory close corporation is thereafter subject to all provisions of this chapter other than sections 351.750 to 351.865 or, if incorporated under chapter 356 , to all provisions of that law. 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 sections 351.750 to 351.865 , chapter 356 , or another law of this state invalidates the right. (L. 1990 H.B. 1432)