§ 5-117. Directors and officers

   (a) Qualified persons. -- A majority of the directors and all of the officers of a professional corporation, except the secretary and treasurer, must be qualified persons with respect to the corporation.

(b) Number; individual holding more than one office. -- Whether or not organized as a close corporation under Title 4 of this article:

   (1) The number of directors in a professional corporation may be less than 3;

   (2) The officers of a professional corporation may be limited to president, treasurer, and secretary and an individual may hold more than one office; and

   (3) Notwithstanding any other provision of law, an individual who holds more than one office in a professional corporation may act in more than one capacity to execute, acknowledge, or verify any instrument required to be executed, acknowledged, or verified by more than one officer.

HISTORY: 1993, ch. 413, § 2.