Tennessee Statutes
§ 48-101-612 — Transfer or pledge of shares
Tennessee·Title 48
(a)(1) A shareholder of a professional corporation may transfer or pledge shares, fractional shares, and rights or options to purchase shares of the corporation only to individuals, general partnerships, professional limited liability companies and professional corporations qualified under § 48-101-610 to be issued shares.
(2)Nothing in this section shall be construed as prohibiting such a shareholder from pledging shares to a financial institution as collateral for a loan.
(b)A transfer of shares made in violation of subsection (a), except one made by operation of law or court judgment, is void.
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Legislative History
Acts 1992, ch. 698, § 1; 1994, ch. 868, § 8; T.C.A., § 48-3-612.
Nearby Sections
15
§ 48-1-101
Short title§ 48-1-102
Part definitions§ 48-1-103
Exemptions§ 48-1-105
Registration by coordination§ 48-1-106
Registration by qualification§ 48-1-109
Registration as broker-dealers, agents, investment advisers, and investment adviser representatives§ 48-1-111
Records and reports - Examinations§ 48-1-115
Administration