The purpose of this act [53-6-1 to 53-6-13 NMSA 1978] is to provide for the incorporation of an individual, or group of individuals, to render the same professional service to the public for which such individuals are required by law to be licensed or to obtain other legal authorization. History: 1953 Comp., § 51-22-1, enacted […]
A. The articles of incorporation of any professional corporation shall provide for the purchase by the corporation, its shareholders, or any person duly licensed or authorized to render the service for which the corporation is organized, of all shares of its stock: (1) held by any person who shall have become disqualified to render the […]
If the articles of incorporation or the bylaws of a professional corporation fail to fix a price at which the corporation or its shareholders may purchase the shares of a deceased or disqualified shareholder, then the price for the shares shall be the book value of the shares as of the end of the month […]
If any officer, shareholder, agent or employee of a professional corporation who has been rendering professional service to the public becomes legally disqualified to render the professional service within this state, or is elected to a public office that, pursuant to existing law, is a restriction or limitation upon rendering of a professional service, or […]
A professional corporation shall consolidate or merge only with another domestic professional corporation organized to render the same specific professional service. History: 1953 Comp., § 51-22-13, enacted by Laws 1963, ch. 16, § 13; 1969, ch. 245, § 7. ANNOTATIONS Severability. — Laws 1963, ch. 16, § 14, provided for the severability of the act […]
The provisions of the Professional Corporation Act shall apply to all professional corporations chartered in New Mexico. Professional corporations heretofore incorporated shall be required to file any amendments to their articles of incorporation necessary to conform to the requirements of the Professional Corporation Act within eight months from the effective date of this act. Any […]
This act [53-6-1 to 53-6-13 NMSA 1978] may be cited as the “Professional Corporation Act”. History: 1953 Comp., § 51-22-2, enacted by Laws 1963, ch. 16, § 2.
As used in this act [53-6-1 to 53-6-13 NMSA 1978]: A. “professional service” means any type of personal service to the public which requires, as a condition precedent to the rendering of such service, the obtaining of a license or other legal authorization and which, prior to the passage of the Professional Corporation Act and […]
One or more individuals, each of whom is licensed to render a professional service, may incorporate a professional corporation for pecuniary profit and become shareholders therein in the manner provided in the Business Corporation Act [Chapter 53, Articles 11 to 18 NMSA 1978]. The Business Corporation Act applies to professional corporations. If the provisions of […]
A professional corporation may be organized only for the purpose of rendering one specific type of professional service and services ancillary thereto and shall not engage in any business other than rendering the professional service which it was organized to render and services ancillary thereto; provided, however, that a professional corporation may own real and […]
The corporate name of a professional corporation shall contain the words “limited,” “chartered,” “professional association” or “professional corporation” or shall contain an abbreviation of those words. History: 1953 Comp., § 51-22-6, enacted by Laws 1969, ch. 245, § 2. ANNOTATIONS Compiler’s notes. — For requirements for naming dentists’ professional corporations, see notes to 53-6-4 NMSA […]
A professional corporation shall render professional services only through its officers, employees and agents who are duly licensed or otherwise legally authorized to render such professional services; provided, however, this section shall not be interpreted to include in the term “employee”, clerks, secretaries, bookkeepers, technicians and other assistants who are not usually and ordinarily considered […]
Shares of stock of a professional corporation shall be issued and transferred only to persons who are duly licensed or legally authorized to render the professional service for which the corporation is organized, but such shares may be transferred: A. by operation of law to persons or legal entities not so licensed or authorized, subject […]
