Code of Alabama
Article 1 - Unincorporated Professional Associations.
Section 10A-30-1.14 - Purchase of Membership or Shares of Former Member or Shareholder; Applicable to Professional Associations Formed Prior to January 1, 1984.

If the governing documents of a professional association fail to fix a price at which a professional association or its members or shareholders may purchase the membership or shares of a deceased, retired, expelled, or disqualified member or shareholder and if the governing documents do not otherwise provide, then the price for such share or shares or membership shall be the book value of such share or shares or membership at the end of the month immediately preceding the death or disqualification of the member or shareholder. Book value shall be determined by an independent certified accountant employed for such purpose from the books and records of the professional association by the regular method of accounting employed by the professional association. The determination by the certified public accountant of book value shall be conclusive on the professional association and its members or shareholders.

Structure Code of Alabama

Code of Alabama

Title 10A - Alabama Business and Nonprofit Entities Code.

Chapter 30 - Provisions Applicable to Exisiting Entities of a Type That May No Longer Be Formed:unincorporated Professional Associations and Close Corporations.

Article 1 - Unincorporated Professional Associations.

Section 10A-30-1.01 - Definitions; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.02 - Laws Governing - Generally; Applicability of Article to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.03 - Laws Governing - Actions; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.04 - Formation; Restriction on Service Rendered; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.05 - Certificate of Formation; Name of Association; Dissolution; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.06 - Purposes; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.07 - Stock and Nonstock Associations; Nature and Transferability of Members' Interests; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.08 - Board of Governors; Officers; Bylaws; Voting by Members or Shareholders; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.09 - Powers; Conveyances; Exemption From Liability; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.10 - Furnishing of Statements to Secretary of State; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.11 - Effect of Article on Professional Relationships; Liability of Members or Shareholders; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.12 - Professional Services to Be Rendered Only Through Licensed Officers or Employees; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.13 - Withdrawal of Members and Employees Becoming Disqualified to Practice; Proceedings to Dissolve Noncomplying Association; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.14 - Purchase of Membership or Shares of Former Member or Shareholder; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.15 - Continuity of Association Independent of Members or Shareholders; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.16 - Distribution of Assets on Dissolution; Applicable to Professional Associations Formed Prior to January 1, 1984.