Arizona Laws 35-808. Dissolution of corporation
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Whenever the board of directors of the corporation shall determine that the purpose for which the corporation was formed has been substantially accomplished and that all issued bonds and other obligations of the corporation have been fully paid, the members of the board of directors of the corporation shall thereupon dissolve the corporation in accordance with the provisions of title 10, and any properties of the corporation shall be distributed and vest in the municipality or county.
Terms Used In Arizona Laws 35-808
- 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.
- Corporation: means any pollution control corporation incorporated by a municipality or county pursuant to the provisions of this chapter. See Arizona Laws 35-801
- County: means any county in this state in which a corporation may be organized and in which it is contemplated the corporation will function. See Arizona Laws 35-801
- Municipality: means any incorporated city or town, including charter cities, in this state in which a corporation may be organized and in which it is contemplated the corporation will function. See Arizona Laws 35-801