1682

LAWS OF MARYLAND

[Ch. 311

(2) HAS AS STOCKHOLDERS ONLY INDIVIDUALS
LICENSED IN THE STATE TO PERFORM THE SAME PROFESSIONAL
SERVICE AS THE CORPORATION.

REVISOR'S NOTE: This subsection presently appears as
Art. 23, §431(2).

The only changes are in style.

(E) PROFESSIONAL SERVICE.

"PROFESSIONAL SERVICE" MEANS ANY PERSONAL SERVICE
TO THE PUBLIC WHICH:

(1) REQUIRES A LICENSE FOR ITS
PERFORMANCE; OR

(2) A CORPORATION WAS NOT LEGALLY PERMITTED
TO PERFORM BEFORE JULY 1, 1969.

REVISOR'S NOTE: This subsection presently appears as
Art. 23, §431 (1).

The only changes are in style.

5-102. INDIVIDUALS AUTHORISED TO ORGANIZE PROFESSIONAL
CORPORATION.

ONE OR MORE INDIVIDUALS LICENSED TO PERFORM THE
SAME PROFESSIONAL SERVICE IN THE STATE MAY ORGANIZE AND
BECOME STOCKHOLDERS OF A PROFESSIONAL CORPORATION FOR
PROFIT UNDER THE PROVISIONS OF THIS SUBTITLE.

REVISOR'S NOTE: This section presently appears as
Art. 23, §433.

The word "pecuniary," which presently modifies
"profit," has been deleted as unnecessary, as
has the phrase "for the sole and specific
purpose of rendering the same.... service."
The latter is in the definition of
"professional corporation" in §5—101 and is
repetitive and unnecessary.

The only other changes are in style.

5-103. APPLICABILITY OF SUBTITLE.

(A) APPLICABILITY.

THIS SUBTITLE DOES NOT APPLY TO:

(1) ANY INDIVIDUAL OR GROUP OF INDIVIDUALS
WHO BEFORE JULY 1, 1969, WAS PERMITTED TO ORGANIZE A