If any officer, shareholder, agent or employee of a professional corporation becomes legally disqualified to render the same professional service as that for which the corporation was organized, he shall forthwith sever all employment with such corporation and shall not, directly or indirectly, participate or share, as a shareholder, in any earnings or profits realized by such corporation on account of professional services rendered on or after the effective date of such disqualification.
N.J. Stat. Ann. § 14A:17-11
Disqualification to render service
Known as the The Professional Service Corporation Act
The act spans §§ 14A:17-1 to 14A:17-9 (18 sections).
L.1969, c. 232, s. 11, eff
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.