§ 1511. Transfer of shares.

(a) No shareholder of a professional service corporation, including a
design professional service corporation, may sell or transfer his or her
shares in such corporation except to another individual who is eligible
to have shares issued to him or her by such corporation or except in
trust to another individual who would be eligible to receive shares if
he or she were employed by the corporation. Nothing herein contained
shall be construed to prohibit the transfer of shares by operation of
law or by court decree. No transferee of shares by operation of law or
court decree may vote the shares for any purpose whatsoever except with
respect to corporate action under sections 909 and 1001 of this chapter.
The restriction in the preceding sentence shall not apply, however,
where such transferee would be eligible to have shares issued to him or
her if he or she were an employee of the corporation and, if there are
other shareholders, a majority of such other shareholders shall fail to
redeem the shares so transferred, pursuant to section 1510 of this
article, within sixty days of receiving written notice of such transfer.
Any sale or transfer, except by operation of law or court decree or
except for a corporation having only one shareholder, may be made only
after the same shall have been approved by the board of directors, or at
a shareholders' meeting specially called for such purpose by such
proportion, not less than a majority, of the outstanding shares as may
be provided in the certificate of incorporation or in the by-laws of
such professional service corporation. At such shareholders' meeting the
shares held by the shareholder proposing to sell or transfer his or her
shares may not be voted or counted for any purpose, unless all
shareholders consent that such shares be voted or counted. The
certificate of incorporation or the by-laws of the professional service
corporation, or the professional service corporation and the
shareholders by private agreement, may provide, in lieu of or in
addition to the foregoing provisions, for the alienation of shares and
may require the redemption or purchase of such shares by such
corporation at prices and in a manner specifically set forth therein.
The existence of the restrictions on the sale or transfer of shares, as
contained in this article and, if applicable, in the certificate of
incorporation, by-laws, stock purchase or stock redemption agreement,
shall be noted conspicuously on the face or back of every certificate
for shares issued by a professional service corporation. Any sale or
transfer in violation of such restrictions shall be void.

(b) A design professional service corporation shall purchase or redeem
the shares of a non-design professional shareholder in the case of his
or her termination of employment within thirty days after such
termination. A design professional service corporation shall not be
required to purchase or redeem the shares of a terminated non-design
professional shareholder if such shares, within thirty days after such
termination, are sold or transferred to another employee of the
corporation pursuant to this article.

(c) A firm established for the business purpose of incorporating as a
professional service corporation pursuant to paragraph (h) of section
fifteen hundred three of this article, shall purchase or redeem the
shares of a non-licensed professional shareholder in the case of his or
her termination of employment within thirty days after such termination.
A firm established for the business purpose of incorporating as a
professional service corporation pursuant to paragraph (h) of section
fifteen hundred three of this article, shall not be required to purchase
or redeem the shares of a terminated non-licensed professional
shareholder if such shares, within thirty days after such termination,
are sold or transferred to another employee of the corporation pursuant
to this article.