§ 1399.37. Shares: Ownership and Transfer.
16 CA ADC § 1399.37Barclays Official California Code of Regulations
16 CCR § 1399.37
§ 1399.37. Shares: Ownership and Transfer.
(2) Becomes a disqualified person as defined in Section 13401(d) of the Corporations Code for a period exceeding ninety (90) days, his or her shares shall be sold and transferred to the corporation, its shareholders or other eligible licensed persons on such terms as are agreed upon. Such sale or transfer shall not be later than six (6) months after any such death and not later than ninety (90) days after the date the shareholder becomes a disqualified person. The requirements of this subsection shall be set forth in the professional corporation's articles of incorporation or bylaws.
Credits
Note: Authority cited: Section 2696, Business and Professions Code. Reference: Section 2696, Business and Professions Code; and Sections 13401, 13403, 13406 and 13407, Corporations Code.
History
1. Amendment of subsection (f) filed 8-13-81; effective thirtieth day thereafter (Register 81, No. 33).
2. Amendment filed 6-29-83; effective thirtieth day thereafter (Register 83, No. 27).
This database is current through 4/26/24 Register 2024, No. 17.
Cal. Admin. Code tit. 16, § 1399.37, 16 CA ADC § 1399.37
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