Utah Statutes
§ 16-11-7 — Issuance of shares of capital stock -- Restrictions.
(1)A professional corporation may issue the shares of its capital stock and a shareholder may voluntarily transfer shares of capital stock in a professional corporation only to:
(1)(a) persons who are duly licensed to render the same specific professional services as those for which the corporation was organized; or
(1)(b) persons other than those meeting the requirements of Subsection (1)(a) to the extent and in the proportions allowed by the applicable licensing act for the profession for which the corporation is organized.
(2)Any shares issued in violation of this section are void.
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Utah § 16-11-7 (Issuance of shares of capital stock -- Restrictions.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Related
Berrett v. Purser & Edwards
876 P.2d 367 (Utah Supreme Court, 1994)
Tanasse v. Snow
929 P.2d 351 (Court of Appeals of Utah, 1996)
Riche v. North Ogden Professional Corp.
763 P.2d 1210 (Court of Appeals of Utah, 1988)
Legislative History
Amended by Chapter 261, 2000 General Session
Nearby Sections
15
§ 16-10a-1001
Authority to amend.§ 16-10a-1002
Amendment by board of directors.§ 16-10a-1003
Amendment by board of directors and shareholders.§ 16-10a-1004
Voting on amendments by voting groups.§ 16-10a-1005
Amendment before issuance of shares.§ 16-10a-1006
Articles of amendment.§ 16-10a-1007
Restated articles of incorporation.§ 16-10a-1008
Amendment pursuant to reorganization.§ 16-10a-1008.5
Conversion to a nonprofit corporation.§ 16-10a-1008.7
Conversion to or from a domestic limited liability company.§ 16-10a-1009
Effect of amendment.§ 16-10a-101
Short title.§ 16-10a-102
Definitions.