Arizona Laws 10-1876. Amendments to trust instrument; filing; recordation
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The articles, declaration of trust or trust agreement by which any business trust was created may be amended in the manner specified therein or in such manner as is valid under the law applicable to such business trust, provided that no such amendment shall be legally effective in this state until a copy thereof, certified as provided in section 10-1874, subsection A, paragraph 1, has been filed with the corporation commission and a copy thereof, certified by the corporation commission, has been filed in the office of the county recorder in the county where the principal place of business of the trust is located, where such certified copy shall be indexed and recorded.
Terms Used In Arizona Laws 10-1876
- 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.
- Business trust: means an unincorporated association or trust of the type which at common law was known as a "business trust" or "Massachusetts trust" created by an instrument under which property is held and managed by trustees for the benefit and profit of such persons as are or may become the holders of transferable certificates evidencing beneficial interests in the trust estate. See Arizona Laws 10-1871
- Commission: means the Arizona corporation commission. 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.