The Law Dictionary

Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

CLOSE AND OPEN Definition & Legal Meaning

Definition & Citations:

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.


This article contains general legal information but does not constitute professional legal advice for your particular situation. The Law Dictionary is not a law firm, and this page does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.