• Current through October 23, 2012

A professional corporation shall have perpetual duration, except that whenever all shareholders of a professional corporation cease at any time for any reason to be licensed to perform the professional services for which the corporation was organized, the professional corporation shall be treated as having converted into a corporation organized under Chapter 3 of this title. Unless the holders of all of the outstanding shares of the corporation unanimously amend the articles of incorporation to adopt purposes consistent with Chapter 3 of this title within 60 days after the date on which the last shareholder of the corporation ceased to be licensed to perform those professional services, the dissolution of the corporation shall be deemed to have been authorized by the act of the corporation and any shareholder may at any time thereafter file with the Mayor, on behalf of the corporation, a statement of intent to dissolve.

(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

2001 Ed., § 29-418.

1981 Ed., § 29-618.

1973 Ed., § 29-1118.

Legislative History of Laws

For history of Law 18-378, see notes under § 29-101.01.