Arizona Laws 20-832. Limitation on salaries
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A corporation shall not:
Terms Used In Arizona Laws 20-832
- 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.
1. Pay to any officer of the corporation any salary, compensation or emolument amounting in any year to more than $5,000, unless the board of directors of the corporation first authorizes the salary, compensation or emolument.
2. Make any agreement with any officer whereby the corporation agrees that for any services rendered or to be rendered the officer will receive a salary, compensation or emolument for a period of more than three years from the date of the agreement.
3. Pay any bonus, commission or dividend to any director of the corporation.