N.D. Cent. Code § 10-31-07.2
This is the official text of N.D. Cent. Code § 10-31-07.2, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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10-31-07.2. Issuance and transfer of membership interests
Official statutory text
10-31-07.2. Issuance and transfer of membership interests
A professional organization in the form of a limited liability company may issue membership
interests only to persons who are licensed to render the same specific professional services as
those for which the company was organized. A member may voluntarily transfer membership
interests in a professional limited liability company only to a person owning or eligible to own a
membership interest. The reflection of any membership interests in the required records of the
professional limited liability company in violation of this section is void. The voluntary transfer of
any membership interests in violation of this section is void. No membership interest may be
reflected in the required records of the professional limited liability company until there is
presented to and filed with the limited liability company a certificate from the regulating board
stating that the person to whom the transfer is to be made or the membership interest issued is
licensed to render the same specific professional services as those for which the limited liability
company was organized.
A professional organization in the form of a limited liability company may issue membership
interests only to persons who are licensed to render the same specific professional services as
those for which the company was organized. A member may voluntarily transfer membership
interests in a professional limited liability company only to a person owning or eligible to own a
membership interest. The reflection of any membership interests in the required records of the
professional limited liability company in violation of this section is void. The voluntary transfer of
any membership interests in violation of this section is void. No membership interest may be
reflected in the required records of the professional limited liability company until there is
presented to and filed with the limited liability company a certificate from the regulating board
stating that the person to whom the transfer is to be made or the membership interest issued is
licensed to render the same specific professional services as those for which the limited liability
company was organized.
Status: in_force · Read it on the official government site
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