16-11-6 - Purpose of professional corporation -- Power to own property and invest funds.
16-11-6. Purpose of professional corporation -- Power to own property and investfunds.
A professional corporation may be organized pursuant to the provisions of this act onlyfor the purpose of rendering one specific type of professional service and services ancillarythereto and may not engage in any business other than rendering the professional service which itwas organized to render and services ancillary thereto; provided, however, that a professionalcorporation may own real and personal property necessary or appropriate for rendering the typeof professional service it was organized to render and may invest its funds in real estate,mortgages, stocks, bonds and any other type of investments.
Amended by Chapter 378, 2010 General Session