3928

No corporation, organized under this chapter, may issue any of its capital stock to anyone other than an individual who is duly licensed or otherwise legally authorized to render the same specific professional services as those for which the corporation was incorporated. No shareholder of a corporation, organized under this chapter, shall enter into a voting trust agreement, proxy, or any other type of agreement vesting another person who is not a stockholder of the corporation with the authority to exercise the voting power of any or all of such shareholder’s stock. Notwithstanding the foregoing, any stockholder of a corporation organized under this chapter may authorize another shareholder of the corporation to exercise his/her right to vote by proxy. Subject to the corporation’s certificate of incorporation, the estate of a shareholder who was a person duly licensed or otherwise legally authorized to render the same professional service as that for which the professional corporation was organized may continue to hold stock for a term of six (6) months from the death of the stockholder for the administration of the estate, but shall not be authorized to participate in any of the

was organized may continue to hold stock for a term of six (6) months from the death of the stockholder for the administration of the estate, but shall not be authorized to participate in any of the decisions specifically concerning the rendering of the professional services rendered by the corporation.\nHistory —Dec. 16, 2009, No. 164, § 18.08.