§ 10A-30-1.06 — Purposes; Applicable to Professional Associations Formed Prior to January 1, 1984

Alabama § 10A-30-1.06

• Jurisdiction: Alabama
• Title 10A: Alabama Business and Nonprofit Entities Code
• Ch. 30: Provisions Applicable to Exisiting Entities of a Type That May No Longer Be Formed:unincorporated Professional Associations and Close Corporations
• Art. 1: Unincorporated Professional Associations

Text

A professional association may be organized only for the purpose of rendering one specific kind of professional service and shall not engage in any business other than rendering the professional service for which it was organized. However, it may invest its funds in real estate, mortgages, stocks, bonds, or any other type of investment and may own real or personal property necessary or appropriate for rendering professional service.

Legislative History

(Acts 1961, No. 865, p. 1349, §4; §10-10-6; amended and renumbered by Act 2009-513, p. 967, §370.)