California Code of Regulations
Title 16 - Professional and Vocational Regulations
Division 4 - State Board of Chiropractic Examiners
Article 7 - Chiropractic Corporations
Section 367.9 - Shares: Ownership and Transfer
Current through Register 2024 Notice Reg. No. 12, March 22, 2024
(a) The shares of a chiropractic corporation may be issued only to a licensed person and may be transferred only to a licensed person or to the issuing corporation.
(b) Where there are two or more shareholders in a chiropractic corporation and one of the shareholders:
(c) 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 again ceases to become a disqualified person.
(d) The restrictions of subsection (a) and, if appropriate, subsection (b) of this section shall be set forth in the corporation's bylaws or articles of incorporation.
(e) The share certificates of a chiropractic corporation shall contain either:
1. Amendment of subsection (b)(2) and new NOTE filed 7-19-2001; operative 8-18-2001 (Register 2001, No. 29).
Note: Authority cited: Section 1000- 4(b), Business and Professions Code. Reference: Section 1000(b), Business and Professions Code; and Section 13407, Corporations Code.