Terms Used In Arizona Laws > Title 20 > Chapter 2 > Article 8.1 - Mutual Holding Company Reorganization

• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Board: means the board of directors of a converting mutual insurer. See Arizona Laws 20-482
• Contract: A legal written agreement that becomes binding when signed.
• Conversion: means a process by which a domestic mutual insurer is converted to a domestic stock insurer as part of a reorganization. See Arizona Laws 20-482
• Converted stock insurer: means a domestic stock insurer into which a domestic mutual insurer is converted as part of a reorganization. See Arizona Laws 20-482
• Converting mutual insurer: means a domestic mutual insurer that is converting to a domestic stock insurer as part of a reorganization. See Arizona Laws 20-482
• 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.
• department: means the department of insurance and financial institutions. See Arizona Laws 20-101
• Effective date: means , with respect to a plan, the date on which the plan or a part of the plan becomes effective as set forth in an order of the director. See Arizona Laws 20-482
• Eligible member: means a member of the converting mutual insurer whose insurance policy is in force as of the date on which the board adopts the plan of reorganization or on some other date that the plan specifies as the record date and that the director approves. See Arizona Laws 20-482
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• Intermediate stock holding company: means a corporation that satisfies all of the following:

  (a) The corporation was incorporated under title 10. See Arizona Laws 20-482

• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Member: means :

  (a) With respect to a domestic mutual insurer, a member as described in section 20-715. See Arizona Laws 20-482

• Membership interest: means :

  (a) With respect to a converting mutual insurer, interest as set forth in section 20-716. See Arizona Laws 20-482

• Mutual holding company: means a corporation that is formed and existing under the laws of this state and pursuant to the reorganization of a mutual insurance company. See Arizona Laws 20-482
• Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
• Plan: means a plan of reorganization. See Arizona Laws 20-482
• Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
• Property: includes both real and personal property. See Arizona Laws 1-215
• Quorum: The number of legislators that must be present to do business.
• Reorganization: means a process by which a domestic mutual insurer is converted to a domestic stock insurer and a mutual holding company is organized. See Arizona Laws 20-482
• Subpoena: A command to a witness to appear and give testimony.
• Writing: includes printing. See Arizona Laws 1-215