5150.  An accountancy corporation is a corporation which is
registered with the California Board of Accountancy and has a
currently effective certificate of registration from the board
pursuant to the Moscone-Knox Professional Corporation Act, as
contained in Part 4 (commencing with Section 13400) of Division 3 of
Title 1 of the Corporations Code, and this article.  Subject to all
applicable statutes, rules and regulations, an accountancy
corporation is entitled to practice accountancy.  With respect to an
accountancy corporation, the governmental agency referred to in the
Moscone-Knox Professional Corporation Act is the California Board of
Accountancy.



5151.  An applicant for registration as an accountancy corporation
shall supply to the board all necessary and pertinent documents and
information requested by the board concerning the applicant's plan of
operation.  The board may provide forms of application.  If the
board finds that the corporation is duly organized and existing under
the General Corporation Law or the foreign corporation is duly
qualified for the transaction of intrastate business pursuant to the
General Corporation Law, that, except as otherwise permitted under
Section 5053 or 5079, each officer, director, shareholder, or
employee who will render professional services is a licensed person
as defined in the Moscone-Knox Professional Corporation Act, or a
person licensed to render the same professional services in the
jurisdiction or jurisdictions in which the person practices, and that
from the application it appears that the affairs of the corporation
will be conducted in compliance with law and the rules and
regulations of the board, the board shall upon payment of the
registration fee in the amount as it may determine, issue a
certificate of registration.  The applicant shall include with the
application for each shareholder of the corporation licensed in a
foreign country but not in this state or in any other state,
territory, or possession of the United States, a certificate from the
authority in the foreign country currently having final jurisdiction
over the practice of accounting, which shall verify the shareholder'
s admission to practice in the foreign country, the date thereof, and
the fact that the shareholder is currently in good standing as the
equivalent of a certified public accountant or public accountant.  If
the certificate is not in English, there shall be included with the
certificate a duly authenticated English translation thereof.  The
application shall be signed and verified by an officer of the
corporation.



5152.  Each accountancy corporation shall file with the board at the
times the board may require a report containing information
pertaining to qualification and compliance with the statutes, rules
and regulations of the board as the board may determine.  All reports
shall be signed and verified by an officer of the corporation.




5152.1.  Each accountancy corporation shall renew its permit to
practice biennially and shall pay the renewal fee fixed by the board
in accordance with Section 5134.



5154.  Except as provided in Section 5079 of this code and in
Section 13403 of the Corporations Code, each director, shareholder,
and officer of an accountancy corporation shall be a licensed person
as defined in the Moscone-Knox Professional Corporation Act, or a
person licensed to render the same professional services in the
jurisdiction or jurisdictions in which the person practices.



5155.  The income of an accountancy corporation attributable to
professional services rendered while a shareholder is a disqualified
person (as defined in the Moscone-Knox Professional Corporation Act)
shall not in any manner accrue to the benefit of such shareholder or
his shares in the accountancy corporation.


5156.  An accountancy corporation shall not do or fail to do any act
the doing of which or the failure to do which would constitute
unprofessional conduct under any statute, rule or regulation now or
hereafter in effect.  In the conduct of its practice, it shall
observe and be bound by such statutes, rules and regulations to the
same extent as a person holding a permit under Section 5070 of this
code.  The board shall have the same powers of suspension, revocation
and discipline against an accountancy corporation as are now or
hereafter authorized by Section 5100 of this code, or by any other
similar statute against individual licensees, provided, however, that
proceedings against an accountancy corporation shall be conducted in
accordance with Chapter 5 (commencing with Section 11500) of Part 1
of Division 3 of Title 2 of the Government Code, and the board shall
have all the powers granted therein.



5157.  The board may formulate and enforce rules and regulations to
carry out the purposes and objectives of this article, including
rules and regulations requiring (a) that the articles of
incorporation or bylaws of an accountancy corporation shall include a
provision whereby the capital stock of such corporation owned by a
disqualified person (as defined in the Moscone-Knox Professional
Corporation Act), or a deceased person, shall be sold to the
corporation or to the remaining shareholders of such corporation
within such time as such rules and regulations may provide, and (b)
that an accountancy corporation as a condition of obtaining a
certificate pursuant to the Moscone-Knox Professional Corporation Act
and this article shall provide adequate security by insurance or
otherwise for claims against it by its clients arising out of the
rendering of professional services.



5158.  Each office of an accountancy corporation engaged in the
practice of public accountancy in this state shall be managed by a
certified public accountant or public accountant.