(805 ILCS 10/11) (from Ch. 32, par. 415-11)
Sec. 11.
No corporation organized under this Act may issue any of its capital
stock to anyone other than an individual who is duly licensed or otherwise
legally authorized to render the same specific professional services or
related professional services as those for which the corporation was
organized. No shareholder shall enter into a voting trust agreement or any
other type of agreement vesting another person with the authority to
exercise the voting power of any of his stock.
The articles of incorporation shall provide for the purchase or
redemption of the shares of any shareholder upon his death or
disqualification, or the same may be provided for in the by-laws of the
corporation or in a separate agreement of the interested parties.
If the articles of incorporation, by-laws or separate agreement fail to
state a price or method of determining a fixed price at which the
corporation or its shareholders may purchase the shares of a deceased
shareholder, or a shareholder no longer qualified to own shares in the
corporation, then the price for such shares shall be the book value as of
the end of the month immediately preceding the death or disqualification of
the shareholder. Book value shall be determined from the books and records
of the corporation in accordance with the accounting methods used by the
corporation.
(Source: P.A. 85-190.)
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