Utah § 16-11-7 Issuance of shares of capital stock -- Restrictions.

Utah Statutes

§ 16-11-7 — Issuance of shares of capital stock -- Restrictions.

Utah § 16-11-7

Title 16Corporations

Ch. 16-11Professional Corporation Act

This text of Utah § 16-11-7 (Issuance of shares of capital stock -- Restrictions.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 16-11-7 (2026).

Text

(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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(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.