Companies Law

1. Interests or shares transferred from the deceased partners or shareholders of a professional company to their heirs shall be subject to the terms, conditions, and rules referred to in Article 200(4) of this Law. 2. If an heir is licensed to practice any of the professions for which a company is incorporated, such heir may become a partner or shareholder practicing his profession through the company subject to the approval of the majority of partners or the approval of the general assembly. If such approval is not granted, the heir shall be a non-practicing partner or shareholder, in which case he may, as an exception to the provision of Article 206 of this Law, practice his profession separately from the company. 3. Notwithstanding Article 201 of this Law, if an heir is a practicing partner or shareholder in another professional company which practices the same profession, such heir may own the interests or shares bequeathed to him in his capacity as a non-practicing partner or shareholder.