496C.11 Transfer of shares.
127 words·~1 min read·
/ia/chapter-496c-professional-corporations/496c-11·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. No shareholder or other person shall make any voluntary transfer of any shares in a professional corporation to any person, except to the professional corporation or to an individual who is licensed to practice in this state a profession which the corporation is authorized to practice.
2. Unless otherwise provided in the articles of incorporation or bylaws, the affirmative vote or consent in writing of all of the outstanding shareholders entitled to vote, or such lesser proportion as may be provided in the articles or bylaws, is necessary in order to authorize any voluntary transfer of any shares of a professional corporation.
3. The articles of incorporation or bylaws may contain any additional provisions restricting the transfer of shares.
[C71, 73, 75, 77, 79, 81, §496C.11]