50-4-719. For-profit health entity.
113 words·~1 min read·
/mt/title-50/chapter-4/part-7/50-4-719·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
50-4-719 . For-profit health entity.
(1)A corporation that becomes a for-profit health entity under this part may not be considered to have abandoned its corporate status by virtue of a conversion transaction unless the conversion transaction provides specifically to the contrary.
(2)The certificate of authority, agent appointments, licenses, forms, and any other filings in existence at the time of a conversion transaction continue in full force and effect upon a conversion transaction if a corporation at all times remains qualified to engage in business in the state.
(3)All outstanding contracts of a transferor remain in full force and effect and need not be otherwise endorsed unless ordered by the commissioner.