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Form #1526

Stock terms

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Stock terms


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Stock terms.

The total amount of capital of this corporation is _________ and the total number of shares into which it is divided is as follows: (Describe fully the class or classes of stock and the value of each.)

_________ shares of _________ stock, _________ par value of $_____ each

_________ shares of _________ stock, _________ par value of $_____ each

Statement of all or any of the designations and the powers, preferences and rights and the qualifications, limitations or restrictions: (a) A professional corporation may issue the shares of its capital stock only to a qualified person. A shareholder may voluntarily transfer his or her shares in a professional corporation to the corporation or to a qualified person with the prior written consent of the corporation unless the articles of incorporation provide otherwise. No shares 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 by the regulating board stating that the person to whom the transfer is to be made or the shares issued is licensed to render the same type of professional services as that for which the corporation was organized. No shareholder shall enter into any voting trust agreement, proxy, or any other type of agreement vesting another person, other than another shareholder of the same corporation, with authority to exercise the voting power of any or all of his or her stock. The issuance or transfer of any shares and any proxy, voting trust or other agreement made in violation of this section shall be null and void. Every certificate of stock issued by the professional corporation shall contain substantially the following provisions: "The ownership and transfer of this stock and the rights and obligations of stockholders are subject to the limitations and provisions of the professional corporation law of _________."

(b). The _________ securities law (chapter _________, article _________, _________ Stats Ann) shall not be applicable to nor govern any transactions relating to any shares of a professional corporation.

Statement of grant of authority, as may be desired to be given to the board of directors, if given. _________



 
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Terms Of Use

Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

These forms are provided to assist business owners and others in understanding important points to consider in different transactions. They are offered with the understanding that no legal advice, accounting, or other professional service is being offered by these documents or on this website. Laws vary in the different states. Agreements acceptable in one state may not be enforced the same way under the laws of another state. Also, agreements should relate specifically to the particular facts of each situation. Therefore, it is important to consult legal counsel whenever utilizing these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.
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Keywords: Stock terms.

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