Medical Corporation Act

The Medical Corporation Act permits the practice of medicine to be carried on through a corporation, prescribing how such a corporation is formed, the purposes it may pursue, its corporate name, and the minimum complement of stockholders, directors, and officers it must maintain. Operation depends on a certificate of registration: the act sets out what an application must contain and the conditions for issuing it, the certificate's duration and annual renewal, requirements to post it and to amend it on a change of location, a bar on assigning it, and the grounds for suspension or revocation — with notice, a hearing, and a right of appeal to a court. Ownership and control are restricted to licensed persons, every officer, director, and shareholder holding a medical license, subject to limited accommodations for a revocable trust as shareholder and for valuing a deceased shareholder's interest at book value; the act leaves the physician-patient relationship intact, keeps employees answerable under the medical practice law and yields to that law in case of conflict, and relies on general private corporation law for everything it does not address.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.