Section 450.230 - Sale or transfer of shares; redemption or purchase of shares. - Michigan Statutes

PROFESSIONAL SERVICE CORPORATION ACT (EXCERPT)
Act 192 of 1962

450.230 Sale or transfer of shares; redemption or purchase of shares.

Sec. 10.

Shares of a corporation organized under this act shall not be sold or transferred except to an individual who is eligible to be a shareholder of the corporation or to the personal representative or estate of a deceased or legally incompetent shareholder or to a trust or split interest trust, in which the trustee and the current income beneficiary are both licensed persons in a professional corporation. The personal representative or estate of the shareholder may continue to own shares for a reasonable period but shall not be authorized to participate in any decisions concerning the rendering of professional service. The articles of incorporation or bylaws may provide specifically for additional restrictions on the transfer of shares and may provide for the redemption or purchase of the shares by the corporation or its shareholders at prices and in a manner specifically set forth.

History: 1962, Act 192, Eff. Mar. 28, 1963 ;-- Am. 1963, Act 153, Eff. Sept. 6, 1963 ;-- Am. 1990, Act 166, Imd. Eff. July 2, 1990 ;-- Am. 1998, Act 48, Imd. Eff. Mar. 30, 1998