§ 10-31-07 — Issuance and transfer of shares

A professional organization in the form of a corporation may issue its shares only to persons
who are licensed to render the same specific professional services as those for which the

corporation was incorporated or as provided by section 10-31-07.1. A shareholder may
voluntarily transfer shares in a professional corporation only to a person owning or eligible to
own the same type of shares as the person making the transfer. The issuance of any shares in
violation of this section is void. The voluntary transfer of any shares in violation of this section is
void. No share may be transferred upon the books of the professional corporation or issued by
the professional corporation until there is presented to and filed with the corporation a certificate
from the regulating board stating that the person to whom the transfer is to be made or the
share issued is licensed to render the same specific professional services as those for which the
corporation was incorporated.