§ 7-5.1-1. Application of general corporation law. Except as otherwise provided in this chapter, all provisions of the general corporation law, including the Rhode Island Business Corporation Act, chapter 1.2 of this title, applicable to domestic business corporations are applicable to corporations organized under this chapter. History of Section.P.L. 1964, ch. 185, § 1; P.L. […]
§ 7-5.1-10. Powers of regulatory agency. Nothing contained in this chapter abolishes, repeals, modifies, restricts, or limits the powers of any state regulatory agency, to regulate the conduct of professional services pursuant to law. History of Section.P.L. 1964, ch. 185, § 1.
§ 7-5.1-11. Severability. If any provision of this chapter or the application of any provisions to any person or under any circumstances is held invalid by any court of competent jurisdiction, the invalidity does not affect any other provision or the application of the provision, and it is declared to be the legislative intent that […]
§ 7-5.1-12. Short title. This chapter may be cited as the “Professional Service Corporation Law”. History of Section.P.L. 1964, ch. 185, § 1.
§ 7-5.1-2. Definitions. As used in this chapter: (1) “Authorized to practice” means duly licensed, certified, or registered by the proper regulatory agency. (2) “Professional services” means the rendering of personal services by a person authorized to practice as one of the following professions as defined: (i) Physicians; (ii) Dentists; (iii) Attorneys at law; (iv) […]
§ 7-5.1-3. Authority to practice. (a) Except as specifically provided in subsection (b) of this section, any corporation organized under this chapter may engage in rendering professional services of not more than one of the professions enumerated in § 7-5.1-2, provided that every officer, director, and shareholder of the corporation is an individual authorized to […]
§ 7-5.1-4. Investments. Nothing contained in these provisions is to be interpreted to prohibit any corporation organized under this chapter from investing its funds in real estate, mortgages, stocks, bonds, or any investment not otherwise prohibited by the general corporation law, or from owning real or personal property appropriate to the rendering of professional services. […]
§ 7-5.1-5. Eligibility of personnel — Transfer of stock. (a) If any shareholder becomes ineligible, he or she shall transfer his or her shares to an eligible person or offer them to the corporation for redemption at their fair-market value. If the articles of incorporation or the bylaws of the corporation restrict transfer of its […]
§ 7-5.1-6. Qualifications of employees. Every corporation organized under this chapter may render its professional services only through employees who are authorized to practice. However, nothing contained in these provisions is to be interpreted to prohibit any corporation from employing unlicensed persons to perform functions not constituting professional services. History of Section.P.L. 1964, ch. 185, […]
§ 7-5.1-7. Names. The names of every professional service corporation shall end with the words “professional corporation” or “corporation” or “incorporated” or “limited” or the abbreviations “p.c.” or “pc” or “corp.” or “inc.” or “ltd.”; and that designation in the corporate name constitutes notice to every person or corporation availing himself or herself or itself […]
§ 7-5.1-8. Insurance required. (a) Every professional service corporation shall maintain insurance against any liability imposed by law upon the corporation or its employees arising out of the performance of professional services, excluding liability for claims brought about or contributed to by the dishonest, fraudulent, criminal, or malicious acts or omissions of any employee. The […]
§ 7-5.1-9. Privileged communications. Nothing contained in this chapter requires disclosure, by any employee of a corporation organized under this chapter, of any communication previously privileged from disclosure. History of Section.P.L. 1964, ch. 185, § 1.
