statutory close corporation
USA
A company established under a specific state statute that must meet certain conditions. For example, for a company to be a close corporation under Delaware law:
• Such status must be specifically indicated in the certificate of incorporation of the company.
• The shares of such company must be owned by fewer than 30 stockholders.
• The shares of such company must be subject to certain restrictions on transfer.
• Such company must not engage in any public offering of its shares.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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