What is CLOSE AND OPEN?

A “close” corporation is one in which the directors and officers have the power to fill vacancies in their own number, without allowing to the general body of stockholders any choice or vote In their election. An “open” corporation is one in which all the members or corporators have a vote in the election of the directors and other officers. McKlm v. Odom, 3 Bland (Md.) 416.

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