§ 48-2c-1512. Conversion to nonprofessional company.

     Whenever all members of a professional services company subject to this part cease at any one time and for any reason to be licensed for the professional services for which the company was organized, or by vote of members holding at least 2/3 interest in the profits of the company, the company shall thereupon be treated as converted into, and shall operate thereafter solely as, a company subject to this chapter but not subject to this part, but may be reconverted to a professional services company upon removal of the disability or by the vote of members holding at least 2/3 interests in the profits of the company. Upon any such conversion or reconversion, a certificate of amendment to the articles of organization shall be filed with the division within a reasonable time thereafter to reflect the changes.

Enacted by Chapter 260, 2001 General Session