1332                              LAWS OF MARYLAND                       [CH. 564

PROFESSIONAL SERVICE CORPORATION ACT
430.

This Act may be cited as the professional service corporation act.

As used in this subtitle the following words shall have the mean-
ing indicated:

(1) "Professional service" means any type of personal service to
the public which requires as a condition precedent to the rendering
of such service the obtaining of a license or other legal authorization
and OR which prior to the passage of this subtitle and by reason of
law could not be performed by a corporation. "Personal service" shall
include, but not be limited to services rendered by certified public
accountants, public accountants, chiropractors, dentists, osteopaths,
physicians and surgeons, doctors of medicine, doctors of dentistry,
podiatrists, chiropodists, architects, veterinarians, attorneys at law

and life insurance agents.

(2) "Professional corporation" means a corporation which is or-
ganized under this Act for the sole and specific purpose of rendering
professional service and which has as its shareholders only indi-
viduals who are duly licensed or otherwise legally authorized within
this state to render the same professional service as the corporation.

432.

This subtitle shall not apply to any individual or group of indi-
viduals within this state who, prior to the passage of this subtitle,
were permitted to organize a corporation and perform personal serv-
ices to the public by means of a corporation, and this subtitle shall
not apply to any corporations organized by these individuals or
group of individuals prior to the passage of this subtitle; provided,
that these individuals or group of individuals or any such corporation
may bring themselves and the corporation within the provisions of
this subtitle by amending the articles of incorporation in a manner
consistent with the provisions of this subtitle and by affirmatively
stating in the amended articles of incorporation that the shareholders
have elected to bring the corporation within the provisions of this
subtitle.

An individual or group of individuals duly licensed or otherwise
legally authorized to render the same professional services within
this state may organize and become a shareholder or shareholders
of a professional corporation for pecuniary profit under the pro-
visions of this subtitle for the sole and, specific purpose of rendering
the same and specific professional service.

434.

No corporation organized and incorporated under this subtitle may
render professional services except through its officers, employees
and agents who are duly licensed or otherwise legally authorized to
render such professional services within this state; provided, how-

431.

433.