Arizona Laws 40-811. Contracting debt exceeding means of corporation to pay; classification; validity of debt
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A. Every officer, agent or stockholder of a railroad company, who knowingly assents to or has any agency in contracting a debt by or on behalf of such company, unauthorized by law for the purpose, the amount of which debt with other debts of the company exceeds the means for payment of its debts available, in its possession, under its control and belonging to it at the time such debt is contracted, including its bona fide and available stock subscriptions and exclusive of its real property, is guilty of a class 2 misdemeanor.
Attorney's Note
Under the Arizona Laws, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class 2 misdemeanor | up to 4 months | up to $750 |
Terms Used In Arizona Laws 40-811
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
B. The validity of the debt as against the company is not affected by the provisions of subsection A.