NAC628.160. Transfer of interest in partnership, limited-liability company or corporation.

     1. The personal representative or estate of a practitioner who has died or become legally incompetent or a practitioner who is disqualified from practicing public accounting must sell his or her interest in a partnership, limited-liability company or corporation to the remaining owners or to the legal entity not later than 6 months after the death or incompetency of the practitioner or not later than 120 days after the practitioner becomes disqualified.

     2. All restrictions on the ownership and transfer of the interest described in subsection 1 must be set forth in the articles of incorporation or the bylaws of the corporation or in the operating agreement or articles of organization of the limited-liability company or partnership agreement.

     [Bd. of Accountancy, Art. 6 § 4, eff. 5-13-82]—(NAC A by R169-99, 12-13-99)