Disqualification of officer, shareholder, agent or employee

# (a)

Any officer, employee, agent or shareholder of a professional corporation shall forthwith sever all employment with, and financial interests in, the professional corporation in the event that such person:

# (1)

Becomes legally disqualified to render such professional service within this State;

# (2)

Is elected to a public office that, pursuant to existing law, places restrictions or limitations upon such person’s continued rendering of such professional service; or

# (3)

Accepts employment that, pursuant to existing law, places restrictions or limitations upon such person’s continued rendering of such professional service.

# (b)

A professional corporation’s failure to require compliance with subsection (a) of this section shall constitute a ground for the forfeiture of its charter and its dissolution. When a professional corporation’s failure to comply with subsection (a) of this section is brought to the attention of the office of the Secretary of State, the Secretary of State shall forthwith certify that fact to the Attorney General for appropriate action to dissolve the professional corporation.

Amendment history

57 Del. Laws, c. 127; 64 Del. Laws, c. 112, § 70; 71 Del. Laws, c. 339, § 111; 80 Del. Laws, c. 184, § 1

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