48-101-617 - Shares of a disqualified person. - Tennessee Statutes

48-101-617. Shares of a disqualified person.

If the shares of a disqualified person are not acquired under § 48-101-614 or § 48-101-615 within ten (10) months after the death of the shareholder or within five (5) months after the disqualification, transfer, retirement or termination of employment, the professional corporation shall immediately cancel the shares on its books, and the disqualified person has no further interest as a shareholder in the corporation other than such disqualified person's right to payment of the fair value of the shares under § 48-101-614 or § 48-101-615.

[Acts 1992, ch. 698, § 1; T.C.A., § 48-3-617.]