(a)      To qualify for a permit, a corporation shall meet the requirements of this section.

      (b)      The corporation shall meet the applicable requirements of the Maryland Professional Service Corporation Act.

      (c)      The corporation shall:

            (1)      have a permanent office in the State from which an individual is to practice certified public accountancy; or

            (2)      submit proof, satisfactory to the Board, of the intent of the corporation to establish immediately a permanent office.

      (d)      Each permanent office required under subsection (c) of this section shall be managed by a stockholder of the corporation who resides in the State.

      (e)      An individual who is not licensed to practice certified public accountancy in this State or another state may have an ownership interest in the corporation if:

            (1)      a simple majority of the ownership of the corporation, in terms of financial interests and voting rights, is held by individuals licensed to practice certified public accountancy in this or another state; and

            (2)      the individual is an active participant in the corporation.