(2) If a deceased shareholder of a professional corporation organized for the purpose of practicing medicine was the only shareholder of the corporation at the time of death, the corporation shall cease to practice medicine as of the date of death of the deceased shareholder unless the corporation has retained the services of another physician licensed in this state to practice medicine. Within six months after the date of death of the deceased shareholder:
(a) The shares of the deceased shareholder shall be sold to a physician or physicians who are licensed in this state to practice medicine;
(b) The name of the corporation shall be changed and restated articles adopted, which shall be filed with the Secretary of State in accordance with ORS chapter 60; or
(c) The corporation shall be dissolved. [1997 c.774 §23; 2019 c.165 §31]
Structure 2021 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 058 - Professional Corporations
Section 58.045 - Application of general corporation law and merger and conversion provisions.
Section 58.076 - Purposes for which professional corporation may be organized.
Section 58.085 - Who may incorporate; contents of articles of incorporation.
Section 58.101 - Term of office for directors; classes.
Section 58.129 - Requirements to transact business in this state.
Section 58.134 - Application for authority to transact business.
Section 58.156 - Method by which professional corporation to render services; exceptions.
Section 58.185 - Liabilities of employees, shareholders and the corporation.
Section 58.196 - Limits on merger.
Section 58.355 - Suspension, revocation or refusal of certificate of registration.
Section 58.383 - Issuance, sale, transfer and redemption of shares.
Section 58.385 - Disqualification of physician; disposition of shares.
Section 58.387 - Disposition of shares of deceased shareholder.
Section 58.400 - Filing requirements.
Section 58.420 - Effective time and date of document.
Section 58.430 - Correcting filed document.
Section 58.450 - Filing duty of Secretary of State; rules.
Section 58.455 - Penalty for signing false document.
Section 58.470 - Evidentiary effect of copy of filed document.