Arizona Laws 20-707. Amendment of articles
A. The articles of incorporation of a stock insurer increasing or reducing authorized capital or for other purposes may be amended in accordance with the general laws of this state applying to corporations formed for profit. No amendment shall reduce authorized capital below the amount required by this title for the kinds of insurance thereafter to be transacted.
Terms Used In Arizona Laws 20-707
- 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.
- 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.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Writing: includes printing. See Arizona Laws 1-215
B. The articles of incorporation of a mutual insurer may be amended by the affirmative vote of two thirds of its members present in person or by proxy at a regular or special meeting of members of which notice in writing setting forth the proposed amendment was mailed to all members at least thirty days in advance. A certificate of the amendments, signed and acknowledged by the president and attested by the secretary of the corporation, shall be filed, recorded and published, as required of the original articles of incorporation.