§ 10A-30-1.14 — Purchase of Membership or Shares of Former Member or Shareholder; Applicable to Professional Associations Formed Prior to January 1, 1984

Alabama § 10A-30-1.14

• 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

If the governing documents of a professional association fail to fix a price at which a professional association or its members or shareholders may purchase the membership or shares of a deceased, retired, expelled, or disqualified member or shareholder and if the governing documents do not otherwise provide, then the price for such share or shares or membership shall be the book value of such share or shares or membership at the end of the month immediately preceding the death or disqualification of the member or shareholder. Book value shall be determined by an independent certified accountant employed for such purpose from the books and records of the professional association by the regular method of accounting employed by the professional association. The determination by the certified public accountant of book value shall be conclusive on the professional association and its members or shareholders.

Legislative History

(Acts 1961, No. 865, p. 1349, §11; §10-10-14; amended and renumbered by Act 2009-513, p. 967, §370.)