§ 4-29-302 — Definitions

As used in this subchapter: (1) "Beneficial owner" means an individual who is the grantor and sole trustee of a revocable living trust wherein the individual reserves the unrestricted right to revoke the trust; (2) "Foreign medical corporation" means a corporation: (A) Organized under laws other than the laws of this state; and (B) In which all officers, directors, and shareholders of the corporation are licensed to practice medicine in the state of incorporation; (3) "Professional service" means any type of professional service that may be legally performed only pursuant to a license or other legal personal authorization, for example: the personal service rendered by certified public accountants, architects, engineers, dentists, doctors, and attorneys at law; and (4) "Shareholder" means either: (A) The person in whose name shares are registered in the records of a corporation; or (B) The beneficial owner of shares of a revocable living trust where the shares are registered in the records of the corporation in the names of the revocable living trust.

Legislative History

Amended by Act 2013, No. 135,§ 1, eff. 2/20/2013. Acts 1961, No. 179, § 1; A.S.A. 1947, § 64-1701; Acts 1997, No. 306, § 2.