Bill Summary for S 138 (2015-2016)

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Summary date: 

Mar 2 2015

Bill Information:

View NCGA Bill Details2015-2016 Session
Senate Bill 138 (Public) Filed Monday, March 2, 2015
AN ACT TO ALLOW THE FORMATION OF A PROFESSIONAL CORPORATION PROVIDING ENGINEERING SERVICES IN ACCORDANCE WITH CHAPTER 89C OF THE GENERAL STATUTES BY A NONLICENSED PERSON AND TO ALLOW A NONLICENSED INCORPORATOR, OFFICER, DIRECTOR, OR EMPLOYEE OF A PROFESSIONAL CORPORATION PROVIDING ENGINEERING SERVICES IN ACCORDANCE WITH CHAPTER 89C OF THE GENERAL STATUTES TO OWN SHARES OF THE STOCK OF THE CORPORATION.
Intro. by Tarte, Tucker, Cook.

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Bill summary

Amends GS 55B-4, concerning the formation of corporations, to exempt professional corporations that render engineering services in accordance with GS Chapter 89C (Engineering and Land Surveying) from the statutes requirements, except for the requirement that the articles of incorporation designate the personal services to be rendered by the corporation. 

Amends GS 55B-6 to add that a nonlicensed incorporator, director, officer, agent, or employee may own the stock of a professional corporation rendering engineering services in accordance with GS Chapter 89C as long as all licensees who perform professional services on behalf of the corporation comply with GS Chapter 89C and the rules adopted under the chapter. Requires the corporation, upon the transfer of any shares to a nonlicensed incorporator, director, officer, or employee, to inform the appropriate licensing board of the name and address of the transferee and the number of shares issued. Prohibits a shareholder of a professional corporation from entering into a voting trust agreement or any other type of agreement vesting in another person the authority to exercise the voting power of any of the stock of the professional corporation.

Makes a technical change to GS 55B-14. Makes technical and conforming changes to GS 55B-16.

Effective July 1, 2015.