79-10-45 - Cancellation of disqualified shares.
§ 79-10-45. Cancellation of disqualified shares.
If the shares of a disqualified person are not acquired under Section 79-10-39 or 79-10-41 within ten (10) months after the death of the shareholder or within five (5) months after the disqualification or transfer, the professional corporation shall immediately cancel the shares on its books and the disqualified person has no further interest as a shareholder in the corporation other than his right to payment of the fair value of the shares under Section 79-10-39 or 79-10-41.
Sources: Laws, 1995, ch. 494, § 17, eff from and after July 1, 1995.