18.100.118 - Eligibility of certain representatives and transferees to serve as directors, officers, or shareholders.

Eligibility of certain representatives and transferees to serve as directors, officers, or shareholders.

If all of the outstanding shares of a professional corporation are held by an administrator, executor, guardian, conservator, or receiver of the estate of a former shareholder, or by a transferee who received such shares by operation of law or court decree, such administrator, executor, guardian, conservator, receiver, or transferee for a period of twelve months following receipt or transfer of such shares may be a director, officer, or shareholder of the professional corporation.

[1983 c 51 § 11.]