§ 5-132. Suspension or revocation of articles of incorporation

   A licensing unit may direct the Department to suspend or revoke the articles of incorporation of a professional corporation if:

   (1) All stockholders of the professional corporation have at any one time become disqualified persons;

   (2) The professional corporation knowingly employs or retains in its employment a licensed person who, for any reason, becomes legally disqualified to render the professional service that the professional corporation was organized to render;

   (3) The professional corporation violates any applicable rule or regulation adopted by the licensing unit regulating a profession named in the professional corporation's articles of incorporation; or

   (4) The professional corporation violates any statute applicable to a professional corporation.

HISTORY: 1993, ch. 413, § 2.