DIY Legal Forms

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Stock Transfer Restrictions Professional Corporation

1. Who May Hold Stock. Only (a) the corporation (Corporation); (b) a stockholder in Corporation; or (c) a person licensed to practice [nature of practice] in [state] may be a transferee of Corporation's stock.

2. Consent to Transfer. If stock is to be sold to a nonstockholder, that sale must be approved by consent of ........ percent (........%) of Corporation's stockholders.

3. Redemption. Corporation will redeem its stock, at book value, if a stockholder (a) dies; (b) is adjudicated incompetent; (c) retires; (d) becomes disabled; (e) otherwise terminates his employment; or (f) is disqualified to practice [nature of practice] in [state]. Book value will be determined by: [basis of book value]. If Corporation fails to redeem its stock, only a stockholder or a person licensed to practice [nature of practice] in [state] may purchase the stock.

4. Voting Rights. If a stockholder's employment with Corporation is terminated for any reason, or if a stockholder dies, becomes disabled, or disqualified to practice [nature of practice] in [state], then the stockholder or the stockholder's personal representative will not and does not have the right to vote on matters relating to Corporation's practice.