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Title 16, Article 7. Acupuncture Corporations
These regulations may be cited and referred to as the "Acupuncture Corporation Regulations".
An acupuncture corporation shall comply with the following provisions:
- (a) The corporation is organized and exists pursuant to the general corporation law and is a professional corporation within the meaning of Part 4, Division 3, Title 1 of the Corporations Code.
- (b) Each shareholder, director, and officer (except as provided in Section 13403 of the Corporations Code and Section 4977.2 of the code) holds a valid acupuncture certificate. An acupuncturist may be a shareholder in more than one acupuncture corporation.
- (c) Each professional employee of the corporation who will practice acupuncture, whether or not a director, officer, or shareholder, holds a valid acupuncture certificate.
The name of the corporation and any name or names under which it may render professional services shall include words or abbreviations denoting corporate existence limited to the following: "Professional Corporation", "Prof. Corp.", "Corporation", "Corp.", "Incorporated", or "Inc."
- (a) Where there are two or more shareholders in an acupuncture corporation and one of the shareholders:
- (1) Dies or
- (2) Becomes a disqualified person as defined in Section 13401(d) of the Corporations Code, his or her shares shall be sold and transferred to the corporation, its shareholders, or other eligible licensed persons on such terms as are agreed upon. Such sale or transfer shall not be later than six (6) months after any such death and not later than ninety (90) days after the date the shareholder becomes a disqualified person. The requirements of this subsection shall be set forth in the acupuncture corporation's articles of incorporation or bylaws.
- (b) A corporation and its shareholders may, but need not, agree that shares sold to it by a person who becomes a disqualified person may be resold to such person if and when he or she again becomes an eligible shareholder.
- (c) The share certificates of an acupuncture corporation shall contain an appropriate legend setting forth the restrictions of subsection (a).
- (d) Nothing in these regulations shall be construed to prohibit an acupuncture corporation from owning shares in a nonprofessional corporation.
The restrictions on the ownership of the shares of professional corporations shall apply to both the legal and equitable title to such shares.
- (a) An acupuncture corporation may perform any act authorized in its articles of incorporation or bylaws so long as that act is not in conflict with or prohibited by these regulations, the Acupuncture Certification Act or the regulations adopted pursuant thereto.
- (b) An acupuncture corporation may enter into partnership agreements with other acupuncturists practicing individually or in a group or with other acupuncture corporations.