HARRY HUGHES, Governor

4357

(2) Book value shall be determined from the
books and records of the corporation as of the end of the
month preceding the death or disqualification of the
stockholder, in accordance with the regular methods of
accounting used by the corporation to determine net taxable
income for federal income tax purposes. Any subsequent
adjustment of this income will not alter the redemption
price.

(c) (1) This section does not prohibit the parties
involved from making a contract or other arrangement or
provision in the charter or bylaws of the corporation to
transfer the stock of a deceased or disqualified stockholder
to the corporation or another individual qualified to own
it. These arrangements or provisions may be made before or
after the death or disqualification of the stockholder,
subject to the requirement that all stock involved be
transferred within 120 days after the death or
disqualification occurs.

(2) (I) IF A PROFESSIONAL CORPORATION HAS ONLY
CERTIFIED PUBLIC ACCOUNTANTS AS STOCKHOLDERS, THE STOCK OF A
DECEASED OR DISQUALIFIED STOCKHOLDER MAY BE TRANSFERRED TO
AND ACQUIRED BY A TRUSTEE, WHO IS OTHERWISE A STOCKHOLDER OF
THE PROFESSIONAL CORPORATION, WHO MAY HOLD THE STOCK IN
TRUST FOR 2 YEARS FROM THE DEATH OR DISQUALIFICATION OF THE
STOCKHOLDER.

(II) STOCK HELD IN TRUST UNDER THIS
PARAGRAPH SHALL BE TRANSFERRED AT THE. END OF THE 2 YEAR
TRUST PERIOD TO SHALL BE TRANSFERRED TO AND ACQUIRED BY THE
PROFESSIONAL CORPORATION OR AN INDIVIDUAL QUALIFIED UNDER
THIS SUBTITLE TO OWN THE STOCK.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1982.

Approved June 1, 1982.

CHAPTER 803

(Senate Bill 475)

AN ACT concerning

Retail Sales Tax - Exemption

FOR the purpose of providing an exemption from the retail
sales tax for sales of electricity to certain planned
retirement communities under certain circumstances.