48-2c-1510 - Restrictions on transfers by members.
48-2c-1510. Restrictions on transfers by members.
(1) Except as provided in Subsection (2), a member of a professional services companymay sell or transfer the member's interest in the company only to the company or to an individualwho is licensed or registered by this state to render the same type of professional services as thosefor which the company was organized.
(2) Upon the death or incapacity of a member of a professional services company, themember's interest in the company may be transferred to the personal representative or estate of thedeceased or incapacitated member who may continue to hold that interest for a reasonable periodbut shall not be authorized to participate in any decision concerning the rendering of professionalservices.
Enacted by Chapter 260, 2001 General Session