Arizona Laws 9-241. Purchase and sale of property
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A. The corporation may purchase, receive, hold, lease and convey property, real and personal, necessary or proper to carry out the purposes of the corporation, within or without its limits.
Terms Used In Arizona Laws 9-241
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: includes both real and personal property. See Arizona Laws 1-215
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
B. Every conveyance of real property to the corporation shall be in its corporate name. Conveyances by the corporation shall be executed by the mayor with the advice and consent of the council, at a regular meeting thereof.
C. Real property of the corporation shall be sold as provided by section 9-402.