Sec. 289.
(1) A professional corporation that is the surviving entity of a merger or conversion shall only have as shareholders licensed persons that are permitted to be shareholders under this chapter.
(2) A professional corporation organized to provide services in a learned profession may merge with, or convert into, only other corporations or entities whose shareholders, members, partners, and managers, following the merger or conversion as applicable, are licensed persons permitted to be shareholders under this chapter.
History: Add. 2012, Act 569, Imd. Eff. Jan. 2, 2013
Structure Michigan Compiled Laws
Act 284 of 1972 - Business Corporation Act (450.1101 - 450.2099)
284-1972-2A - Chapter 2a Professional Corporations (450.1281...450.1289)
Section 450.1281 - Incorporation as Professional Corporation.
Section 450.1282 - Definitions.
Section 450.1283 - Professional Corporation; Formation; Name.
Section 450.1284 - Professional Corporation Subject to MCL 333.16101 to 333.18838.
Section 450.1287 - Professional Services; Limitation.
Section 450.1289 - Professional Entity as Surviving Entity of Merger or Conversion.