Washington Code 18.100.110 – Sale or transfer of shares
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No shareholder of a corporation organized as a professional corporation may sell or transfer his or her shares in such corporation except to the trustee of a qualified trust or another individual who is eligible to be a shareholder of such corporation. Any transfer of shares in violation of this section shall be void. However, nothing in this section prohibits the transfer of shares of a professional corporation by operation of law or court decree.
Terms Used In Washington Code 18.100.110
- 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.
- professional corporation: means a corporation which is organized under this chapter for the purpose of rendering professional service. See Washington Code 18.100.030
- qualified trust: means one of the following:
Washington Code 18.100.030Trustee: A person or institution holding and administering property in trust.