496C.12 Convertible securities — stock rights and options.
No professional corporation shall create or issue any securities convertible into shares of the professional corporation. The provisions of this chapter with respect to the issuance and transfer of shares and disposal of treasury shares apply to the creation, issuance, and transfer of any rights or options entitling the holder to purchase from a professional corporation any shares of the corporation, including treasury shares. Rights or options shall not be transferable, whether voluntarily, involuntarily, by operation of law, or in any other manner. Upon the death of the holder, or whenever the holder ceases to be licensed to practice in this state a profession which the corporation is authorized to practice, the rights or options shall expire.
[C71, 73, 75, 77, 79, 81, §496C.12]
Structure Iowa Code
Chapter 496C - PROFESSIONAL CORPORATIONS
Section 496C.3 - Applicability of Iowa business corporation Act.
Section 496C.4 - Purposes and powers.
Section 496C.5 - Corporate name.
Section 496C.6 - Who may incorporate.
Section 496C.7 - Practice by professional corporation.
Section 496C.8 - Professional regulation.
Section 496C.9 - Relationship and liability to persons served.
Section 496C.10 - Issuance of shares.
Section 496C.11 - Transfer of shares.
Section 496C.12 - Convertible securities — stock rights and options.
Section 496C.13 - Voting trust — proxy.
Section 496C.14 - Required purchase by professional corporation of its own shares.
Section 496C.15 - Certificates representing shares.
Section 496C.18 - Merger or consolidation.
Section 496C.19 - Dissolution or liquidation.
Section 496C.20 - Foreign professional corporation.