Section 1507. Issuance of shares  


Latest version.
  • A   professional   service   corporation  may  issue  shares  only  to
      individuals who are authorized by  law  to  practice  in  this  state  a
      profession  which such corporation is authorized to practice and who are
      or have been  engaged  in  the  practice  of  such  profession  in  such
      corporation  or a predecessor entity, or who will engage in the practice
      of such profession in such corporation within thirty days  of  the  date
      such  shares  are  issued.  No  shareholder  of  a  professional service
      corporation shall enter into a voting trust  agreement,  proxy,  or  any
      other  type  agreement  vesting  in  another  person, other than another
      shareholder of the same corporation or a person who would be eligible to
      become a shareholder if employed by the corporation,  the  authority  to
      exercise  voting  power of any or all of his shares.  All shares issued,
      agreements made, or proxies granted in violation of this  section  shall
      be void.