11A V.S.A. § 20.11: Limitations on continuation of close corporation status

The status of a close corporation subject to the provisions of this chapter shall continue until:

(1) the close corporation files with the Secretary of State articles of amendment deleting from its articles of incorporation any or all of the provisions required by section 20.02 of this title; or

(2) one or more of the provisions or conditions required by section 20.02 of this title has been breached and neither the corporation nor any of its shareholders proceed under section 20.14 of this title to prevent the loss of status.