1997 Minnesota Statutes

     319A.14 Convertible securities; stock rights and options.

    No professional corporation shall create or issue any 
 securities convertible into shares of the professional 
 corporation.  The provisions of sections 319A.01 to 319A.22 with 
 respect to the issuance and transfer of shares apply to the 
 creation, issuance, and transfer of any rights or options 
 entitling the holder to purchase from a professional corporation 
 any shares of the corporation.  Rights or options shall not be 
 transferable, whether voluntarily, involuntarily, by operation 
 of law, or in any other manner.  Upon the death of the holder, 
 or whenever the holder ceases to be licensed to render 
 professional service which the corporation is authorized to 
 render, the rights or options shall expire.  

    HIST: 1973 c 40 s 14