(a) Only a qualified person may be appointed a proxy to vote shares of a professional corporation.
(b) A voting trust with respect to shares of a professional corporation is not valid unless all of its trustees and beneficiaries are qualified persons. If a beneficiary who is a qualified person dies or becomes disqualified, a voting trust valid under this subsection continues to be valid for ten months after the date of death or for five months after the disqualification occurred.
HISTORY: Derived from 1976 Code Section 33-51-80 [1962 Code Section 56-1608; 1962 (52) 1911; Repealed, 1988 Act No. 444, Section 4(5)]; 1988 Act No. 444, Section 2.
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