CO HB1244

Allows heirs of deceased physician shareholders to become shareholders of professional service medical corporations for up to two years, regardless of whether the heir holds a medical license.

Requires that heirs who become shareholders (except when the deceased was the sole shareholder) be nonvoting shareholders with no authority over medical decisions.

Establishes that heirs assume the same liability as the deceased shareholder would have had regarding employee acts, errors, and omissions.

Clarifies that lay directors, officers, and heirs of deceased shareholders cannot exercise authority over the independent medical judgment of licensed physicians.

Takes effect August 11, 2010, unless subject to a referendum petition filed within 90 days of final adjournment.