10-31-07. Issuance and transfer of shares

10-31-07. Issuance and transfer of shares A professional organization in the form of a corporation may issue its shares only to persons who are licensed to render the same specific professional services as those for which the corporation was incorporated or as provided by section 10-31-07.1. A shareholder may voluntarily transfer shares in a professional corporation only to a person owning or eligible to own the same type of shares as the person making the transfer. The issuance of any shares in violation of this section is void. The voluntary transfer of any shares in violation of this section is void. No share may be transferred upon the books of the professional corporation or issued by the professional corporation until there is presented to and filed with the corporation a certificate from the regulating board stating that the person to whom the transfer is to be made or the share issued is licensed to render the same specific professional services as those for which the corporation was incorporated.