A shareholder of a professional corporation may sell or transfer shares in the professional corporation only to another individual licensed to render the same professional service as that for which the professional corporation was formed. The articles of incorporation may provide specifically for restraints on the alienation of shares and may require the purchase, redemption, or retirement of shares by the corporation at a price and in a manner set out in the articles. The articles may authorize the corporation's board of directors or its shareholders to adopt bylaws restraining the alienation of shares and providing for their purchase, redemption, or retirement by the corporation.
Section: Previous 10.45.010 10.45.020 10.45.030 10.45.040 10.45.050 10.45.060 10.45.070 10.45.080 10.45.090 10.45.100 10.45.110 10.45.120 10.45.130 10.45.133 10.45.136 NextLast modified: November 15, 2016