California Code of Regulations
Title 16 - Professional and Vocational Regulations
Division 13.2 - Physical Therapy Board of California
Article 9 - Physical Therapy Professional Corporations
Section 1399.37 - Shares: Ownership and Transfer
Current through Register 2024 Notice Reg. No. 12, March 22, 2024
(a) Where there are two or more shareholders in a professional corporation and one of the shareholders:
(b) A corporation and its shareholders may, but need not, agree that shares sold to it by a person who becomes a disqualified person may be resold to such person if and when he or she again becomes an eligible shareholder.
(c) The share certificates of a professional corporation shall contain an appropriate legend setting forth the restrictions of subsection (b), where applicable.
(d) Nothing in these regulations shall be construed to prohibit a professional corporation from owning shares in a nonprofessional corporation.
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).
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.