13.1-551 - Disqualification of shareholder. - Virginia Statutes

§ 13.1-551. Disqualification of shareholder.

If any officer, shareholder, agent or employee of a corporation organizedunder this chapter who has been rendering professional service to the publicbecomes legally disqualified to render such professional services within thisCommonwealth, he shall immediately sever all employment with, and financialinterests in such corporation except that he may be a shareholder subject tothe provisions of this chapter. A corporation's failure to require compliancewith this provision shall constitute a ground for the forfeiture of itsarticles of incorporation and the termination of its corporate existence bythe State Corporation Commission.

(1970, c. 77; 2002, c. 77.)