15-31-209. Termination and revocation. If the election under the provisions of subchapter S. is either terminated or revoked for federal purposes, the corporation must notify the department within 30 days of such termination or revocation. The department may terminate an election at any time if it discovers the corporation does not qualify as a small business corporation as provided for under the provisions of subchapter S. of the Internal Revenue Code of 1954.

     History: En. Sec. 4, Ch. 667, L. 1983.