Arizona Laws 10-1816. Court relief other than dissolution, liquidation or appointment of conservator
A. The superior court in an action filed either by an investor or by a creditor seeking relief under section 10-1815 shall have full power to make any such order or grant any such relief other than dissolution or liquidation as in its discretion it may deem appropriate including but not limited to:
Terms Used In Arizona Laws 10-1816
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- 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
- Capital units: means the proportions of the proprietary interest in the corporation owned by the investors. See Arizona Laws 10-1802
- 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.
- Court: means the superior court of this state. See Arizona Laws 10-140
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Investor: means one who is the owner of capital units in a close corporation. See Arizona Laws 10-1802
- Person: includes an individual and entity. See Arizona Laws 10-140
1. Canceling, altering or amending any provision contained in the articles of incorporation of such close corporation.
2. Directing, prohibiting or enjoining any act of the corporation or other persons who are parties to the court action.
3. Providing for the purchase by the corporation or by other investors at their fair market value of the capital units or claims of the person bringing such action.
B. Relief under this section may be granted even though the court does not find any of the elements prescribed for relief under section 10-1815.