State Codes and Statutes

Statutes > Utah > Title-16 > Chapter-11 > 16-11-7

16-11-7. Issuance of shares of capital stock -- Restrictions.
(1) A professional corporation may issue the shares of its capital stock and a shareholdermay voluntarily transfer shares of capital stock in a professional corporation only to:
(a) persons who are duly licensed to render the same specific professional services asthose for which the corporation was organized; or
(b) persons other than those meeting the requirements of Subsection (1)(a) to the extentand in the proportions allowed by the applicable licensing act for the profession for which thecorporation is organized.
(2) Any shares issued in violation of this section are void.

Amended by Chapter 261, 2000 General Session