10-2706. Application

A. This chapter applies only to issuing public corporations and to corporations which elect pursuant to subsection C of this section to be subject to:

1. All of the provisions of this article.

2. All of the provisions of article 2 of this chapter.

3. All of the provisions of article 3 of this chapter.

4. Any combination of paragraph 1, 2 or 3.

B. A corporation may not elect to be subject to less than all of the provisions in any article of this chapter. A corporation which elects to be subject to all or part of this chapter pursuant to subsection C of this section, for purposes of applying the provisions of this chapter or part of this chapter, shall be deemed an issuing public corporation.

C. An election by a corporation pursuant to subsection A of this section must be contained either:

1. In its articles of incorporation at the time of incorporation.

2. In an amendment to its articles of incorporation or bylaws which is approved by the shareholders holding a majority of the outstanding voting power of all shares.