Code of Virginia
Chapter 7 - Professional Corporations
§ 13.1-551. Disqualification of shareholder

If any officer, shareholder, agent or employee of a corporation organized under this chapter who has been rendering professional service to the public becomes legally disqualified to render such professional services within this Commonwealth, he shall immediately sever all employment with, and financial interests in such corporation except that he may be a shareholder subject to the provisions of this chapter. A corporation's failure to require compliance with this provision shall constitute a ground for the forfeiture of its articles of incorporation and the termination of its corporate existence by the State Corporation Commission.
1970, c. 77; 2002, c. 77.

Structure Code of Virginia

Code of Virginia

Title 13.1 - Corporations

Chapter 7 - Professional Corporations

§ 13.1-542. Repealed

§ 13.1-542.1. Practice of certain professions by corporations

§ 13.1-543. Definitions

§ 13.1-544. Who may organize and become shareholder

§ 13.1-544.1. Use of initials "P.C." or "PC" in corporate name

§ 13.1-544.2. Certificate of authority for foreign professional corporations

§ 13.1-545. Repealed

§ 13.1-545.1. Merger with foreign professional corporation or foreign professional limited liability company

§ 13.1-546. How corporation may render professional services; nonprofessional employees and officers; organizers and shareholders need not be employees, etc.

§ 13.1-546.1. Professional law corporations may qualify as executor, administrator or in other fiduciary capacity

§ 13.1-547. Professional relationships not affected; liability for debts, etc., of corporation, its directors, officers and employees

§ 13.1-548. Corporation not to engage in other business; investment of funds

§ 13.1-549. Qualifications of shareholders; special provisions for corporations rendering services of architects, professional engineers, landscape architects and land surveyors, and using the title of certified interior designers

§ 13.1-549.1. Special provision for corporation engaged in practice of accounting

§ 13.1-549.2. Registration certificate required for corporation engaged in practice of law

§ 13.1-549.3. Repealed

§ 13.1-550. Transfer of shares

§ 13.1-551. Disqualification of shareholder

§ 13.1-552. Conversion into nonprofessional corporation; disposition of shares of deceased or disqualified shareholders

§ 13.1-553. Board of directors

§ 13.1-554. Repealed

§ 13.1-554.1. Income and property taxes

§ 13.1-555. Merger

§ 13.1-556. Application of Chapter 9 or Chapter 10 of this title