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Corporations | |
Professional Corporation Act | |
Section 6 | Purpose of professional corporation -- Power to own property and invest funds. |
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16-11-6. Purpose of professional corporation -- Power to own property and invest
funds. A professional corporation may be organized pursuant to the provisions of this act only for the purpose of rendering one specific type of professional service and services ancillary thereto and may not engage in any business other than rendering the professional service which it was organized to render and services ancillary thereto; provided, however, that a professional corporation may own real and personal property necessary or appropriate for rendering the type of professional service it was organized to render and may invest its funds in real estate, mortgages, stocks, bonds and any other type of investments.
Amended by Chapter 378, 2010 General Session |
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