(a) A shareholder of a professional corporation may transfer or pledge shares, fractional shares, and rights or options to purchase shares of the corporation only to individuals, general partnerships, and professional corporations qualified under Section 33-19-200 to be issued shares. (b) A transfer of shares made in violation of subsection (a), except one made by operation of law or court judgment, is void. HISTORY: Derived from 1976 Code Section 33-51-140 [1962 Code Section 56-1614; 1962 (52) 1911; Repealed, 1988 Act No. 444, Section 4(5)]; 1988 Act No. 444, Section 2.
South Carolina Legal Code