Shares: Ownership and Transfer, 16 CCR 1060
Summary
(a) The shares of a dental corporation may be owned only by a dental corporation or by licensed dentists, hereinafter referred to as eligible shareholders; provided, however, that no issuance or transfer of shares may be made which violates the provisions of Article 3.5, Chapter 4 of Division 2 of the Code (Sections 1658 through 1658.7 of the Code).
(b) Where there are two or more shareholders in a dental corporation and one of the shareholders:
(3) Becomes a disqualified person as defined in Section 13401(d) of the Corporations Code, for a period exceeding 90 days; his shares shall be sold and transferred to the corporation, its shareholders, or other eligible persons on such terms as are agreed upon. Such sale or transfer shall be not later than six months after any such death and not later than 90 days after the date he ceases to be an eligible shareholder, or 90 days after the date he becomes a disqualified person. The ...