If the articles of incorporation or bylaws of a professional corporation do not provide a price or method of determining a price at which the corporation may purchase, redeem, or retire the shares, or that 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 the shares shall be the book value as of the end of the month 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 regular method of accounting used by the corporation.
Structure Alaska Statutes
Title 10. Corporations and Associations
Chapter 45. Professional Corporation Act
Sec. 10.45.010. Incorporation.
Sec. 10.45.020. Rendering professional service and charging fees.
Sec. 10.45.030. Who may render professional service.
Sec. 10.45.040. Prohibition against engaging in business; property and investments.
Sec. 10.45.050. Issuance of shares.
Sec. 10.45.060. Qualifications of director, officer, or shareholder.
Sec. 10.45.070. Management by directors; authority of officers and shareholders.
Sec. 10.45.080. Transfer of shares.
Sec. 10.45.090. Voting by proxy.
Sec. 10.45.100. Voting trust prohibited.
Sec. 10.45.110. Holding stock, merging or consolidating with another professional corporation.
Sec. 10.45.120. Corporate name.
Sec. 10.45.130. Change or alteration of corporate name.
Sec. 10.45.133. Continuity of life.
Sec. 10.45.136. No shareholder power to dissolve.
Sec. 10.45.140. Professional relationship and liabilities.
Sec. 10.45.180. Authority and duty of regulatory boards not limited.
Sec. 10.45.190. Professional acts limited.
Sec. 10.45.200. Legal disqualification of corporate personnel.
Sec. 10.45.210. Disposal of shares of legally disqualified shareholder.
Sec. 10.45.220. Shares of deceased shareholder.
Sec. 10.45.230. Determination of value of shares.
Sec. 10.45.240. Applicability of Alaska Corporations Code and Alaska Entity Transactions Act.