Nevada § 78A.180 - Voluntary termination of status

§ 78A.180. Voluntary termination of status

1. A corporation may voluntarily terminate its status as a close corporation, and

cease to be subject to the provisions of this chapter, by amending the articles of

incorporation to delete therefrom the additional provisions required or permitted

by NRS 78A.020 to be stated in the articles of incorporation of a close corporation. An amendment must be adopted and become effective in accordance with NRS 78.390 , except that it must be approved by a vote of the holders of record of at least two-thirds

of the voting shares of each class of stock of the corporation that are outstanding. 2. The articles of incorporation of a close corporation may provide that on any amendment

to terminate the status as a close corporation, a vote greater than two-thirds or

a vote of all shares of any class may be required. If the articles of incorporation contain such a provision, that provision may not

be amended, repealed or modified by any vote less than that required to terminate

the status of the corporation as a close corporation. 3. An amendment filed pursuant to this section is effective at the time of the filing

of the amendment with the Secretary of State or upon a later date and time as specified

in the amendment, which date must not be more than 90 days after the date on which

the amendment is filed. If the amendment specifies a later effective date but does not specify an effective

time, the amendment becomes effective at 12:01 a.m. in the Pacific time zone on the

specified later date.