10-31-07.4. Issuance and transfer of shares, membership interests, and partnership interests - Exception for minority owners

10-31-07.4. Issuance and transfer of shares, membership interests, and partnership interests - Exception for minority owners. Notwithstanding sections 10-31-07, 10-31-07.2, and 10-31-07.3, if minority owners are expressly authorized under subsection 3 of section 10-31-04, a professional organization may issue shares and membership interests to minority members and an owner may transfer shares or membership interests to minority owners. In the case of issuance or transfer of shares or membership interests to a minority owner, the organization is exempt from the certificate filing requirement under sections 10-31-07, 10-31-07.2, and 10-31-07.3. However, if a professional organization has minority owners, an issuance or transfer of shares or membership interests may not result in minority owners having a majority ownership in the organization.