47-11-1. Medical corporations authorized--Formation and purposes--Number of stockholders, directors, and officers. One or more persons licensed pursuant to chapter 36-4, hereinafter referred to as the Medical Practice Act, may associate to form a corporation pursuant to the provisions of law pertaining to private corporations to own, operate, and maintain an establishment for the study, diagnosis, and treatment of human ailments and injuries, whether physical or mental, and to promote medical, surgical, and scientific research and knowledge; and for any other purpose incident or necessary thereto; provided medical or surgical treatment, consultation, or advice may be given by employees of the corporation only if they are licensed pursuant to the Medical Practice Act. In any corporation formed under this chapter one or more persons may act as the sole stockholders, directors, or officers of such corporation.

Persons licensed pursuant to the Medical Practice Act and corporations formed under chapter 47-11, or any combination thereof, may form a limited liability company to own, operate, and maintain an establishment for the study, diagnosis, and treatment of human ailments and injuries, whether physical or mental, and to promote medical, surgical, and scientific research and knowledge; and for any other purpose incident thereto; provided medical or surgical treatment, consultation, or advice may be given by employees of the limited liability company only if they are licensed pursuant to the Medical Practice Act.

Source: SL 1961, ch 29, § 2; SL 1971, ch 258; SL 1993, ch 344, § 39A; SL 1995, ch 255.