Arizona Laws 10-1701. Application to existing domestic corporations
A. Except as provided in subsection B, beginning January 1, 1996 chapters 1 through 17 of this title apply to all Arizona corporations that were incorporated under or that were subject to chapter 1, articles 1 through 12 of this title on December 31, 1995.
Terms Used In Arizona Laws 10-1701
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Articles of incorporation: means the original or restated articles of incorporation or articles of merger and all amendments to the articles of incorporation or merger and includes amended and restated articles of incorporation and articles of amendment and merger. See Arizona Laws 10-140
- 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.
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
B. Beginning January 1, 1996, any existing corporation that was originally organized under the laws of the territory of Arizona may elect to amend or restate its articles of incorporation and retain any previously valid provisions of its articles of incorporation, even if the previously valid provisions of its articles of incorporation are in conflict with any provisions of chapters 1 through 17 of this title. Upon such amendment or restatement, all of the provisions of chapters 1 through 17 of this title which are not specifically in conflict with the amended or restated articles of incorporation shall be applicable to the existing corporations that were originally organized under the laws of the territory of Arizona. The previously valid provisions of its articles of incorporation that are retained shall apply to the existing corporations originally organized under the laws of the territory of Arizona and to all persons contracting or in any manner dealing with the corporation, including its shareholders, subscribers, affiliates, directors, officers and employees.