If the shares of a disqualified person are not acquired under § 48-101-614 or § 48-101-615 within ten (10) months after the death of the shareholder or within five (5) months after the disqualification, transfer, retirement or termination of employment, the professional corporation shall immediately cancel the shares on its books, and the disqualified person has no further interest as a shareholder in the corporation other than such disqualified person's right to payment of the fair value of the shares under § 48-101-614 or § 48-101-615.
Structure 2021 Tennessee Code
Title 48 - Securities, Corporations and Associations
Chapter 101 - Special Purpose Corporations and Associations
Part 6 - Tennessee Professional Corporation Act
§ 48-101-602. Applicability of Tennessee Business Corporation Act
§ 48-101-603. Part Definitions
§ 48-101-611. Required Statement to Appear on Each Share Certificate
§ 48-101-617. Shares of a Disqualified Person
§ 48-101-618. Officers and Directors
§ 48-101-620. Privileged Communications
§ 48-101-623. Where Professional Corporation Ceases to Render Professional Services
§ 48-101-624. Dissolution of Professional Corporations
§ 48-101-626. Foreign Professional Corporation — Application for Certificate of Authority
§ 48-101-627. Foreign Professional Corporation — Revocation of Certificate of Authority
§ 48-101-628. Filing of Charter With Licensing Authorities Required
§ 48-101-630. Power of Licensing Authority to Promulgate Rules