Title 10 — Corporations and Associations
41 chapters · 595 sections in this title.
A.R.S. § 10-2251 Definitions
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In this chapter, unless the context otherwise requires: 1. "Bank" means any banking corporation or national banking association. 2. "Corporation" means a business development corporation formed under this chapter. 3. "Deputy director of financial institutions" means the deputy di…
A.R.S. § 10-2252 Purposes
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The purposes of a corporation formed under the terms of this chapter shall be to: 1. Assist, promote, encourage and, through the cooperative efforts of the shareholders and the members of the corporation, develop and advance the business prosperity and economic welfare of Arizona…
A.R.S. § 10-2253 General powers
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A corporation formed under the provisions of this chapter shall have all of the powers, rights, privileges and immunities available to any other corporation incorporated under chapters 1 through 18 of this title, and in addition thereto and subject to the restrictions and limitat…
A.R.S. § 10-2254 Capital stock
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The capital stock of a corporation shall be not less than one hundred thousand dollars to be evidenced by shares, having a par value of not less than ten dollars each.
A.R.S. § 10-2255 Loans by members
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A. Notwithstanding the provisions of any other law, the notes or other interest-bearing obligations of a corporation shall be legal investments for the members of the corporation, subject to the applicable loan limits of subsection B. B. As required by its loan agreement, a membe…
A.R.S. § 10-2256 Authority to become shareholders
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Notwithstanding any other rule or provision of law or any provision in their respective charters, agreements of association, articles or organization, certificates or articles of incorporation to the contrary, all persons, except banks and savings and loan associations, organized…
A.R.S. § 10-2257 Temporary board of directors
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Until the election of a board of directors under section 10-2258, all of the affairs of the corporation shall be conducted by a temporary board of directors. The temporary board shall consist of fifteen members who shall all be at least eighteen years of age and citizens of the U…
A.R.S. § 10-2258 Board of directors
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A. The affairs of a corporation shall be conducted by a board of directors, consisting of fifteen persons, who shall all be at least eighteen years of age and be citizens of the United States. In addition, the executive director of the Arizona development board or its successor, …
A.R.S. § 10-2259 Method of incorporation
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A. A corporation may be formed by five or more residents of this state who each subscribe to at least one share of stock of the corporation. B. The articles of incorporation shall set forth: 1. The name of the proposed corporation, which shall include the words "business developm…
A.R.S. § 10-2260 Approval of articles of incorporation; incorporation
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A. The articles of incorporation required by this chapter shall be filed with the deputy director of financial institutions. Within sixty days after the receipt of the articles of incorporation, the deputy director shall approve or disapprove the articles of incorporation. B. If …
A.R.S. § 10-2261 Authorization to commence business
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A corporation formed under this chapter shall not begin the transaction of any business, except such as is incident to its organization or to the obtaining of members of subscriptions to or payment for its shares, until it certifies to the deputy director of financial institution…
A.R.S. § 10-2262 Surplus and dividends
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Each year a corporation shall set apart, as earned surplus, all of its net earnings until such earned surplus shall equal the total of the capital and paid-in surplus then outstanding or ten per cent of the total outstanding borrowings of the corporation whichever is greater. The…
A.R.S. § 10-2263 Investment of excess funds
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A. If the board of directors determines at any time that funds are available in excess of the demands and needs of the corporation, the corporation may invest such funds as follows: 1. In an account of any bank or savings and loan association authorized to do business in Arizona.…
A.R.S. § 10-2264 Members as agents for corporations
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A corporation may by contract authorize and empower any member to act as agent for the corporation in the carrying out of the purposes for which such corporation was formed and to render to the corporation such administrative auditing, collecting and other related fiscal services…
A.R.S. § 10-2265 Supervision and reports
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The deputy director of financial institutions may supervise, examine and control a corporation in the same manner as financial institutions are so supervised, examined and controlled by the deputy director pursuant to law, except that it shall not be the duty of the deputy direct…
A.R.S. § 10-2266 Dissolution or liquidation
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In the event of dissolution or liquidation of a corporation none of the corporation's assets shall be distributed to the shareholders until all sums due the members of the corporation as creditors have been paid in full.
A.R.S. § 10-2267 Merger, interest exchange, conversion, domestication or division; definitions
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A. A domestic business development corporation may be a party to or otherwise undertake a merger, an interest exchange, a conversion, a domestication or a division by complying with chapters 11 and 13 of this title and title 29, chapter 6. B. If a domestic business development co…