Section 10-10-15 Continuity of association independent of members or shareholders. - Alabama Statutes

Section 10-10-15

Continuity of association independent of members or shareholders.

Unless the articles of association expressly provide otherwise, a professional association shall continue as a separate entity independent of its members or shareholders for all purposes for such period of time as provided in the articles or until dissolved by a vote of two thirds of the members, and shall continue notwithstanding the death, insanity, incompetency, conviction for felony, resignation, withdrawal, transfer of membership or ownership of shares, retirement or expulsion of any one or more of the members or shareholders, the admission or transfer of membership or shares to any new member, members, shareholder or shareholders or the happening of any other event which, under the law of this state and under like circumstances, would work a dissolution of the partnership, it being the aim and intention of this section that such professional association shall have continuity of life independent of the life or status of its members or shareholders.

(Acts 1961, No. 865, p. 1349, §8; Acts 1971, No. 184, p. 479.)