61.0.1 (1) Subject to the by-laws, (a)  one or more persons who are licensed to practise law in Ontario as barristers and solicitors may establish a professional corporation for the purpose of practising law in Ontario; (b)  one or more persons who are licensed to provide legal services in Ontario may establish a professional corporation for the purpose of providing legal services in Ontario; (c)  one or more persons who are licensed to practise law in Ontario as barristers and solicitors and one or more persons who are licensed to provide legal services in Ontario may together establish a professional corporation for the purpose of practising law and providing legal services in Ontario.  2006, c. 21, Sched. C, s. 87 (2). Professions governed by this Act (2) For the purposes of section 3.1 of the Business Corporations Act, the following professions are governed by this Act and are permitted by this Act to be carried out by a corporation: 1.  The practice of law. 2.  The provision of legal services.  2006, c. 21, Sched. C, s. 87 (2). Application of Business Corporations Act (3) If provisions of the Business Corporations Act or of the regulations made under that Act apply to a professional corporation within the meaning of that Act, those provisions apply for the purposes of this Act, subject to subsections (4) and (5).  2006, c. 21, Sched. C, s. 87 (2). Shareholders (4) For the purposes of subsection 3.2 (2) of the Business Corporations Act, in the case of a professional corporation described in subsection (1) of this section, the following conditions apply instead of the condition set out in paragraph 1 of subsection 3.2 (2) of the Business Corporations Act, despite subsection 3.2 (1) of that Act: 1.  All of the issued and outstanding shares of a professional corporation described in clause (1) (a) shall be legally and beneficially owned, directly or indirectly, by one or more persons who are licensed to practise law in Ontario. 2.  All of the issued and outstanding shares of a professional corporation described in clause (1) (b) shall be legally and beneficially owned, directly or indirectly, by one or more persons who are licensed to provide legal services in Ontario. 3.  All of the issued and outstanding shares of a professional corporation described in clause (1) (c) shall be legally and beneficially owned, directly or indirectly, by one or more persons who are licensed to practise law in Ontario or licensed to provide legal services in Ontario.  2006, c. 21, Sched. C, s. 87 (2). Articles of incorporation (5) For the purposes of subsection 3.2 (2) of the Business Corporations Act, in the case of a professional corporation described in subsection (1) of this section, the following conditions apply instead of the condition set out in paragraph 5 of subsection 3.2 (2) of the Business Corporations Act, despite subsection 3.2 (1) of that Act: 1.  The articles of incorporation of a professional corporation described in clause (1) (a) shall provide that the corporation may not carry on a business other than the practice of law, but this paragraph shall not be construed to prevent the corporation from carrying on activities related to or ancillary to the practice of law, including the investment of surplus funds earned by the corporation. 2.  The articles of incorporation of a professional corporation described in clause (1) (b) shall provide that the corporation may not carry on a business other than the provision of legal services, but this paragraph shall not be construed to prevent the corporation from carrying on activities related to or ancillary to the provision of legal services, including the investment of surplus funds earned by the corporation. 3.  The articles of incorporation of a professional corporation described in clause (1) (c) shall provide that the corporation may not carry on a business other than the practice of law and the provision of legal services, but this paragraph shall not be construed to prevent the corporation from carrying on activities related to or ancillary to the practice of law and the provision of legal services, including the investment of surplus funds earned by the corporation.  2006, c. 21, Sched. C, s. 87 (2). Section Amendments with date in force (d/m/y) 2000, c. 42, Sched. , s. 22 - 01/11/2001 2006, c. 21, Sched. C, s. 87 (1, 2) - 01/05/2007