Page:United States Statutes at Large Volume 85.djvu/607

This page needs to be proofread.
[85 STAT. 577]
[85 STAT. 577]
PUBLIC LAW 92-000—MMMM. DD, 1971

85 STAT. ]

PUBLIC LAW 92-180-DEC. 10, 1971

577

EXEMPTION

SEC. 3. This Act shall not apply to any corporation now in existence or hereafter organized which may lawfully render professional services other than pursuant to this Act, nor shall anything herein contained alter or affect any existing or future right or privilege permitting or not prohibiting performance of professional services through the use of any form of business organization. Any corporation organized under the District of Columbia Business Corporation Act (D.C. Code, sec. 29-901 et seq.) may be brought within the provisions of this Act by complying with the provisions of this Act and filing amended or restated articles of incorporation meeting the requirements of section 6 of this Act.

^s Stat. 179,

CONSTKUCTION OF ACT

SEC. 4. The provisions of this Act shall not be construed as repealing, modifying, or restricting the applicable provisions of law relating to corporations, or regulating the several professions covered by this Act, except insofar as such laws conflict with the provisions of this Act. Except as otherwise provided by this Act, the provisions of the District of Columbia Business Corporation Act shall be applical)le to any pro- ^\c^^c'odI%)fessional corporation organized under this Act. 901! * PURrx)SE; rowEKs SEC. 5. (a) A professional corporation may be organized solely to render professional services thi-ough its shareholders, directors, officers, employees, or agents who are themselves duly licensed to I'ender the particular service, and to render service ancillary thereto. A professional corporation may charge for such services, may collect such charges, and may compensate those who render such service. A professional corporation may employ persons who are not licensed, but such persons shall not perform professional ser\ices; and no license shall be required of any person who is employed by a professional corporation to perform services for whicli no license is otherwise required. (b) Xo professional corporation may do any act which is prohibited to an individual licensed to render the professional service for which the corporation is organized. (c) Notwithstanding any provision of this Act, a professional corporation may— (i) invest its funds in real estate, mortgages, stocks, bonds, or other type of investment; (ii) own real estate or personal property; and (iii) enter into partnership and other agreements with individuals (who may be shareholders, directors, employees, or agents of the professional corporation), partnerships, or professional corporations rendering the same type of professional services within or without the District of Columbia, to the same extent that an individual licensed to render the same professional service may enter into such partnership or other agreements pursuant to law, rules, regulations, or standards of professional conduct of the profession practiced through the professional corporation.