| (1) |
Terms Used In Utah Code 16-11-8- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: means :Utah Code 68-3-12.5
- Professional corporation: means a corporation organized under this chapter. See Utah Code 16-11-2
| (a) |
Except as provided in Subsection (1)(b), a person may not be an officer, director, or shareholder of a professional corporation unless that person is:
| (i) |
an individual licensed to render the same specific professional services as those for which the corporation is organized; or |
| (ii) |
qualified to be an officer, director, or shareholder under the applicable licensing act for the profession for which the corporation is organized. |
|
| (b) |
Notwithstanding Subsection (1)(a), a nonlicensed person may serve as secretary or treasurer of the professional corporation. |
|
| (2) |
For purposes of Subsection (1), professional services are considered the same specific professional services as those for which the corporation is organized if:
| (a) |
the corporation is organized to provide services described in:
|
| (b) |
the officer, director, or shareholder is licensed under either of the chapters listed in Subsection (2)(a). |
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Amended by Chapter 378, 2010 General Session
