Section 10-4-385 Powers of professional corporation generally; profession limited by articles of incorporation.
Section 10-4-385
Powers of professional corporation generally; profession limited by articles of incorporation.
(a) Subject to Section 10-4-402, a domestic professional corporation shall have all the powers necessary or convenient to effectuate its purposes, including those enumerated in the Alabama Business Corporation Act; provided, however, that if such professional corporation is a not-for-profit corporation, it shall have all the powers necessary or convenient to effectuate its purposes, including those enumerated in the Alabama Nonprofit Corporation Act.
(b) A domestic professional corporation shall not engage in any profession other than the profession permitted by its articles of incorporation, except that a domestic professional corporation may invest its funds in real estate, mortgages, stocks, bonds, or any other type investment.
(Acts 1983, No. 83-514, p. 763, §6.)