MARVIN MANDEL, Governor

1689

PROFESSIONAL ORGANIZATION, IF ANY, TO WHICH THE MAJORITY
OF THE INDIVIDUALS IN THE STATE PERFORMING THE SAME
PROFESSIONAL SERVICE BELONG.

(2) IN DETERMINING THE APPROPRIATENESS OF THE
PROPOSED CORPORATE NAME, THE PROFESSIONAL ORGANIZATION
SHALL CONSIDER THE ESTABLISHED ETHICAL STANDARDS, RULES,
AND REGULATIONS OF ITS PROFESSION.

(D) ISSUANCE OF CERTIFICATE.

IF THE PROFESSIONAL ORGANIZATION AND THE LICENSING
UNIT APPROVE OF THE PROPOSED CORPORATE NAME, THE
LICENSING UNIT SHALL ISSUE A CERTIFICATE OF AUTHORIZATION
FOR CORPORATE NAME TO THE CORPORATION OR ITS
INCORPORATOR.

(E) CONTENTS OF CERTIFICATE.

THE CERTIFICATE SHALL INCLUDE:

(1)   THE APPROVAL OF THE CORPORATE NAME BY THE
LICENSING UNIT; AND

(2)      THE NAME OF THE PROFESSIONAL
ORGANIZATION, IF ANY, WITH WHICH THE LICENSING UNIT
CONSULTED AND WHICH APPROVED THE CORPORATE NAME.

(F) AUTHORITY TO APPROVE CORPORATE NAME.

THE LICENSING UNITS AND PROFESSIONAL ORGANIZATIONS
MAY APPROVE THE ADOPTION AND USE OF A CORPORATE NAME
UNDER THE PROVISIONS OF §§ 5-109 THROUGH 5-111 OF THIS
SUBTITLE, AND THEY SHALL ADOPT THE RULES AND REGULATIONS
THEY DETERMINE NECESSARY TO CARRY OUT THESE SECTIONS.

REVISOR'S NOTE: This section presently appears as
Art. 23, §440(b)(2) and (3).

The only changes are in style.

5-112. ISSUANCE OF STOCK.

A PROFESSIONAL CORPORATION MAY NOT ISSUE CAPITAL
STOCK TO ANYONE EXCEPT AN INDIVIDUAL LICENSED TO PERFORM
THE SAME PROFESSIONAL SERVICE AS THAT FOR WHICH THE
CORPORATION IS ORGANIZED.

REVISORY NOTE: This section presently appears as
the first sentence of Art. 23, §437.

The only changes are in style.

5-113. SALE OR TRANSFER OF STOCK.