The board shall grant or renew licenses to practice public accountancy to firms that make application and demonstrate their qualifications therefor in accordance with the following paragraphs:--
A regulating board may by rule further restrict the authority of a business corporation registering under this paragraph (i) to issue or transfer shares, but no such rule shall have the effect of causing a shareholder of such corporation at the time such rule becomes effective to become a disqualified person.
A shareholder of a business corporation registering under this paragraph (i) may transfer shares and rights or options to purchase shares of the corporation only to qualified persons, as defined herein; provided, however, that subject to subparagraph (C), nothing contained herein shall prohibit the pledge of shares of such corporation to a disqualified person or the transfer of such shares by operation of law or court decree to a disqualified person.
Nothing contained herein shall prevent a business corporation registering under this paragraph (i) from adopting other restrictions on the transfer of its shares or requiring that transferees be approved by its shareholders or directors under provisions of its articles of organization, by-laws or an agreement binding on all of its shareholders.
Every certificate issued representing shares of a business corporation registering under this paragraph (i) shall state thereon in bold print that the shares represented thereby are subject to restrictions on transfer imposed hereby and any further restrictions on transfer imposed by the appropriate regulating board or boards from time to time pursuant to this chapter.
Application for such registration shall be made upon the affidavit of an officer, director or shareholder of such corporation who is a certified public accountant registered under section eighty-seven A1/2 and who holds a valid biennial license issued under section eighty-seven B. The board shall in each case determine whether the applicant is eligible for registration.
A business corporation which is so registered and which holds a valid biennial license issued under section eighty-seven B1/2 may use the words "certified public accountants" or the abbreviation "CPA" in connection with its corporate name. Notification shall be given the board within ninety days after the admission to or withdrawal of an officer, director or shareholder from any business corporation so registered, and after the commencement or termination of any officer's, director's or shareholder's personal and regular practice of public accounting in this state as a member thereof. The board shall collect a fee for the registration of such a business corporation.
Mass. Gen. Laws ch. 112, § 87B 1/2