Arizona Laws 10-2406. Merger, interest exchange, conversion, domestication or division; definitions
A. A domestic benefit 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.
Terms Used In Arizona Laws 10-2406
- Benefit corporation: means a corporation that both:
(a) Has elected to become subject to this chapter. See Arizona Laws 10-2402
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Vote: includes authorization by written ballot and written consent. See Arizona Laws 10-3140
B. If a benefit corporation is to be created in a merger, a conversion, a domestication or a division, the formation of the corporation must otherwise comply with this chapter.
C. If a merger, an interest exchange, a conversion, a domestication or a division would have the effect of terminating the status of a business corporation as a benefit corporation, the plan must be adopted by at least the minimum status vote in order to be effective.
D. For the purposes of this section:
1. "Conversion" means a transaction authorized by Title 29, Chapter 6, Article 4.
2. "Division" means a transaction authorized by Title 29, Chapter 6, Article 6.
3. "Domestication" means a transaction authorized by Title 29, Chapter 6, Article 5.
4. "Interest exchange" means a transaction authorized by Title 29, Chapter 6, Article 3.
5. "Merger" means a transaction authorized by Title 29, Chapter 6, Article 2.
6. "Plan" means a plan of merger, interest exchange, conversion, domestication or division.