reglab/housing_qa huggingface dataset:
AZ Rev Stat § 10-2227 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2227 - Cancellation of disqualified shares

10-2227.  Cancellation of disqualified shares If the shares of a disqualified shareholder are not acquired pursuant to section 10-2223 within ten months after the death or dissolution of the shareholder or within five months after the disqualification or transfer,  the professional corporation shall immediately cancel the shares on its books and the disqualified shareholder shall have no further interest as a shareholder in the corporation other than the right to payment of the price specified in section 10-2223,  subsection B.
AZ Rev Stat § 10-2228 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2228 - Definition of disqualified shareholder

10-2228.  Definition of disqualified shareholder In this article,  unless the context otherwise requires,  " disqualified shareholder"  means a shareholder described in subsection 10-2223,  subsection A,  paragraph 1 or 2 or the legal representative of that shareholder.
AZ Rev Stat § 10-2230 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2230 - Directors and officers

10-2230.  Directors and officers At least one-half of the directors of a professional corporation and its president,  if any,  shall be licensed in this or another state to render a professional service described in the corporation's articles of incorporation.
AZ Rev Stat § 10-2231 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2231 - Voting of shares

10-2231.  Voting of shares A. Only a qualified person may be appointed a proxy to vote any voting shares of a professional corporation. B. A voting trust with respect to voting shares of a professional corporation is not valid unless all of its trustees and beneficiaries are qualified persons. If a trustee or beneficiary who is a qualified person dies or dissolves and the person to whom the trusteeship or beneficial interest is to devolve is not a person to whom section 10-2222 would permit the shares held by the trust to be transferred or a trustee or beneficiary becomes disqualified,  a voting trust valid under this subsection continues to be valid for ten months after the date of death or for five months after the disqualification occurred.
AZ Rev Stat § 10-2232 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2232 - Professional relationship

10-2232.  Professional relationship Nothing in this chapter shall be construed to alter any law applicable to the relationship between persons furnishing and receiving professional service.
AZ Rev Stat § 10-2233 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2233 - Privileged communications

10-2233.  Privileged communications Nothing in this chapter shall be construed to alter any privilege applicable to communications between an individual rendering professional services and the person receiving the services recognized under any applicable law. The privilege applies to a domestic or foreign professional corporation and to its employees in all situations in which it applies to communications between an individual rendering professional services on behalf of the corporation and the person receiving the services.
AZ Rev Stat § 10-2234 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2234 - Responsibility for professional services

10-2234.  Responsibility for professional services A shareholder of a professional corporation is personally and fully liable and accountable for any negligent or wrongful act or misconduct committed by the shareholder or by any person under the shareholder's direct supervision and control while rendering professional services on behalf of the professional corporation to the person for whom the professional services are rendered. The liability of a shareholder of the professional corporation is several only,  and a shareholder is not vicariously responsible for the liability of another shareholder.
AZ Rev Stat § 10-2240 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2240 - Merger, interest exchange, conversion, domestication or division; definitions

10-2240.  Merger,  interest exchange,  conversion,  domestication or division;  definitions A. A domestic professional corporation may be a party to or otherwise undertake a merger,  an interest exchange,  a conversion,  a domestication or a division by complying with chapters 11 and 13 of this title and title 29,  chapter 6. B. If a domestic professional corporation is to be created in a merger,  a conversion,  a domestication or a division,  the shareholders of the corporation must be qualified to be shareholders as provided in this chapter. C. For the purposes of this section: 1. " Conversion"  means a transaction authorized by title 29,  chapter 6,  article 4. 2. " Division"  means a transaction authorized by title 29,  chapter 6,  article 6. 3. " Domestication"  means a transaction authorized by title 29,  chapter 6,  article 5. 4. " Interest exchange"  means a transaction authorized by title 29,  chapter 6,  article 3. 5. " Merger"  means a transaction authorized by title 29,  chapter 6,  article 2.
AZ Rev Stat § 10-2241 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2241 - Termination of professional corporation status

10-2241.  Termination of professional corporation status A. If a professional corporation ceases to render professional services or otherwise elects to terminate its professional corporation status,  it shall amend its articles of incorporation to: 1. Delete references to rendering professional services,  unless as described in section 10-2213 the services may be rendered in the business corporation form. 2. Delete references to it being a professional corporation. 3. Conform its corporation name to the requirements of section 10-401. B. After the amendment becomes effective,  the corporation may continue in existence as a business corporation under chapters 1 through 17 of this title and it is no longer subject to this chapter.
AZ Rev Stat § 10-2242 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2242 - Judicial dissolution

10-2242.  Judicial dissolution The attorney general may commence a proceeding under sections 10-1430 through 10-1433 to dissolve a professional corporation if: 1. The commission serves written notice on the corporation under section 10-504 that it has violated or is violating a provision of this chapter. 2. The corporation does not correct each alleged violation,  or demonstrate to the reasonable satisfaction of the commission that it did not occur,  within sixty days after service of the notice is perfected under section 10-504. 3. The commission certifies to the attorney general a description of the violation,  that it notified the corporation of the violation and that the corporation did not correct it,  or demonstrate that it did not occur,  within sixty days after perfection of service of the notice.
AZ Rev Stat § 10-2244 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2244 - Authority to transact business

10-2244.  Authority to transact business A. Except as provided in subsection C of this section,  a foreign professional corporation shall not transact business in this state until it is granted authority to transact business in this state from the commission. B. A foreign professional corporation may not obtain authority to transact business in this state unless: 1. Its corporate name satisfies the requirements of section 10-2215. 2. It is incorporated for one or more of the purposes described in section 10-2211. 3. At least one-half of its shareholders who are entitled to vote for the election of directors,  at least one-half of its directors and its president,  if any,  are licensed in one or more states to render a professional service described in its articles of incorporation. C. A foreign professional corporation is not required to obtain authority to transact business in this state unless it maintains or intends to maintain an office in this state for the conduct of business or professional practice.
AZ Rev Stat § 10-2245 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2245 - Application for authority to transact business

10-2245.  Application for authority to transact business The application of a foreign professional corporation for authority to transact business in this state shall contain the information prescribed in section 10-1503 and shall include a statement that at least one-half of its shareholders who are entitled to vote for the election of directors,  at least one-half of its directors and its president,  if any,  are licensed in one or more states to render a professional service described in its articles of incorporation and be accompanied by a statement from the licensing authority indicating that at least one of its shareholders or employees is licensed in this state to render that professional service.
AZ Rev Stat § 10-2246 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2246 - Revocation of certificate of authority

10-2246.  Revocation of certificate of authority Pursuant to chapter 15,  article 3 of this title,  the commission may administratively revoke the authority of a foreign professional corporation to transact business in this state if a licensing authority with jurisdiction over a professional service described in the corporation's articles of incorporation certifies to the commission that the corporation has violated or is violating a provision of this chapter and describes the violation in the certificate.
AZ Rev Stat § 10-2249 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2249 - Application to existing corporations

10-2249.  Application to existing corporations A. This chapter applies to all Arizona corporations that were incorporated under or that were subject to chapter 3,  article 1 of this title on December 31,  1995. If an existing corporation to which this chapter applies is required to amend its articles of incorporation to comply with this chapter,  it shall do so on or before April 1,  1996. B. This chapter does not apply to a corporation now existing or later incorporated under a law of this state other than this chapter unless the corporation elects professional corporation status under section 10-2210.
AZ Rev Stat § 10-2251 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2251 - Definitions

10-2251.  Definitions In this chapter,  unless the context otherwise requires: 1. " Bank"  means any banking corporation or national banking association. 2. " Corporation"  means a business development corporation formed under this chapter. 3. " Deputy director of financial institutions"  means the deputy director of the financial institutions division of the department of insurance and financial institutions. 4. " Member"  means any bank or federal or state savings and loan association authorized to do business within this state that shall undertake to lend money to the corporation on its call and in accordance with this chapter. 5. " Shareholder"  means a registered owner of shares in a corporation formed under the provisions of this chapter. 6. " Shares"  means units into which the shareholders' rights to participate in the control of a corporation,  in its surplus or profits,  or in the distribution of its assets,  are divided.
AZ Rev Stat § 10-2252 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2252 - Purposes

10-2252.  Purposes The purposes of a corporation formed under the terms of this chapter shall be to: 1. Assist,  promote,  encourage and,  through the cooperative efforts of the shareholders and the members of the corporation,  develop and advance the business prosperity and economic welfare of Arizona. 2. Encourage and assist in the location of new business and industry in Arizona. 3. Rehabilitate existing business and industry in Arizona. 4. Stimulate and assist in the expansion of all kinds of business activity which will tend to promote the business development and maintain the economic stability of the state,  provide maximum opportunities for employment,  encourage thrift,  and improve the standard of living of the citizens of the state. 5. Cooperate and act in conjunction with other organizations,  public or private,  the objects of which are the promotion and advancement of industrial,  commercial,  agricultural or recreational development of the state. 6. Furnish money and credit to approved and deserving applicants for the promotion,  development and conduct of all kinds of business activity in the state,  thereby establishing a source of capital and credit not otherwise readily available therefor.
AZ Rev Stat § 10-2254 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2254 - Capital stock

10-2254.  Capital stock The capital stock of a corporation shall be not less than one hundred thousand dollars to be evidenced by shares,  having a par value of not less than ten dollars each.
AZ Rev Stat § 10-2255 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2255 - Loans by members

10-2255.  Loans by members A. Notwithstanding the provisions of any other law,  the notes or other interest-bearing obligations of a corporation shall be legal investments for the members of the corporation,  subject to the applicable loan limits of subsection B. B. As required by its loan agreement,  a member shall lend funds to the corporation as and when called upon by it to do so,  but the total amount in which a corporation may be indebted to a member at any one time shall not exceed: 1. If a bank,  two per cent of the total of the bank's capital stock,  surplus,  capital notes and capital debentures. 2. If a savings and loan association,  one per cent of loans outstanding or two hundred fifty thousand dollars,  whichever is the lesser. C. All loan limits shall be established at the thousand dollars nearest to the amount computed on an actual basis. All calls of funds which members are committed to lend to a corporation shall be prorated by the corporation among the members in the same proportion that the lending commitment of each bears to the aggregate lending commitments of all members of the corporation. Upon six months' prior written notice to the corporation of its intention,  a member may terminate its loan agreement and after the effective date of withdrawal,  the member shall not be obligated to make any loan to the corporation,  but shall remain a member so long as the corporation is indebted to it. D. At no time shall the total obligations of a corporation exceed ten times the amount of its paid-in capital and surplus.
AZ Rev Stat § 10-2256 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2256 - Authority to become shareholders

10-2256.  Authority to become shareholders Notwithstanding any other rule or provision of law or any provision in their respective charters,  agreements of association,  articles or organization,  certificates or articles of incorporation to the contrary,  all persons,  except banks and savings and loan associations,  organized for the purpose of doing or authorized to do business within this state,  including without implied limitation any railroad or transportation corporation or other public utility,  are authorized to acquire,  purchase,  hold,  sell,  assign,  transfer,  mortgage,  pledge or otherwise dispose of any bonds,  securities,  or other evidences of indebtedness created by or the shares of the capital stock of a corporation,  and while owners of the stock,  to exercise all the rights,  powers and privileges of ownership without the approval of any regulatory authority of this state.
AZ Rev Stat § 10-2257 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2257 - Temporary board of directors

10-2257.  Temporary board of directors Until the election of a board of directors under section 10-2258,  all of the affairs of the corporation shall be conducted by a temporary board of directors. The temporary board shall consist of fifteen members who shall all be at least eighteen years of age and citizens of the United States and who shall be designated by incorporators of the corporation in the articles of incorporation. Upon the election and qualification of a board of directors under section 10-2258,  the temporary board of directors shall be deemed dissolved.
AZ Rev Stat § 10-2258 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2258 - Board of directors

10-2258.  Board of directors A. The affairs of a corporation shall be conducted by a board of directors,  consisting of fifteen persons,  who shall all be at least eighteen years of age and be citizens of the United States. In addition,  the executive director of the Arizona development board or its successor,  shall act as a nonvoting ex officio member of the board of directors. B. At the first meeting of the shareholders and members of a corporation and at each annual meeting thereafter,  six directors shall be elected by the shareholders and nine directors shall be elected by the members. Each member shall have one vote for each $1, 000 of the member's outstanding loans to the corporation and the uncalled balance of the member's loan agreement with the corporation. A member shall be entitled to cast the member's votes for directors on a cumulative basis. C. The first meeting of the shareholders and members of the corporation shall be held at a time and place to be fixed by the temporary board of directors,  which shall be as soon as reasonably possible after the certificate required by section 10-2261 has been filed with the deputy director of financial institutions.
AZ Rev Stat § 10-2259 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2259 - Method of incorporation

10-2259.  Method of incorporation A. A corporation may be formed by five or more residents of this state who each subscribe to at least one share of stock of the corporation. B. The articles of incorporation shall set forth: 1. The name of the proposed corporation,  which shall include the words " business development corporation" . 2. The purpose for which the corporation is to be formed,  which shall be within the purposes and powers set forth in this chapter. 3. The location of the principal place of business of the corporation,  but the corporation may have offices in such other places in this state as may be fixed by the board of directors. 4. The term of its existence. 5. The authorized capital stock of the corporation. 6. The names and addresses of the incorporators and the amount of their capital stock subscriptions. 7. The names and addresses of eight temporary directors. 8. The name and address of the treasurer. 9. The names and addresses of five qualified banks that have obligated themselves to become members of the corporation at the time of its incorporation. 10. Any other provisions not inconsistent with law that the proposed corporation may adopt governing the regulation and conduct of its affairs. C. A corporation formed under this chapter may amend its articles of incorporation provided that prior to the filing of articles of amendment with the corporation commission the articles of amendment shall have been approved by the deputy director of financial institutions in the manner and as provided for in section 10-2260.
AZ Rev Stat § 10-2260 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2260 - Approval of articles of incorporation; incorporation

10-2260.  Approval of articles of incorporation;  incorporation A. The articles of incorporation required by this chapter shall be filed with the deputy director of financial institutions. Within sixty days after the receipt of the articles of incorporation,  the deputy director shall approve or disapprove the articles of incorporation. B. If the deputy director disapproves the articles,  the deputy director shall promptly give notice of the disapproval to the incorporators,  stating in detail the reason for the deputy director's action. On remedying the defect or defects,  the incorporators,  in the same manner,  may refile the articles. C. If the deputy director finds that the articles of incorporation are in the form prescribed by this chapter or have been made to conform with this chapter,  the deputy director shall conduct any investigation deemed necessary to ascertain from the best sources of information available: 1. Whether the name of the proposed corporation is likely to mislead the public as to its character or purposes. 2. Whether the convenience and advantage of the public will be served by the proposed corporation. 3. Whether the economic condition of the area in which the corporation may be expected to do most of its business affords reasonable promise of adequate support for the activities of such corporation. 4. Whether the responsibility,  character and general fitness for the business of the incorporators,  directors and officers named in the articles are such as to command confidence and to warrant the belief that the business of the proposed corporation will be honestly and efficiently conducted,  in accordance with the intent and purpose of this chapter. D. If the deputy director finds,  on the basis of the facts disclosed by the deputy director's investigation,  that the proposed incorporation meets all the requirements of this chapter,  the deputy director shall endorse approval on the articles of incorporation and the articles may then be filed with the corporation commission. The corporation commission shall not issue a certificate of incorporation to a business development corporation without the approval by the deputy director endorsed on the articles of incorporation. E. If the deputy director finds,  on the basis of the facts disclosed by the deputy director's investigation,  that the proposed incorporation does not meet all the requirements of this chapter,  the deputy director shall disapprove the articles and return them to the incorporators stating in detail the reasons for doing so.
AZ Rev Stat § 10-2261 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2261 - Authorization to commence business

10-2261.  Authorization to commence business A corporation formed under this chapter shall not begin the transaction of any business,  except such as is incident to its organization or to the obtaining of members of subscriptions to or payment for its shares,  until it certifies to the deputy director of financial institutions that there has been paid into the corporate treasury a minimum of $100, 000 from the sale at par value of the capital stock of the corporation.
AZ Rev Stat § 10-2262 (2021)
2021 Arizona Revised Statutes|Title 10 - Corporations and Associations|§ 10-2262 - Surplus and dividends

10-2262.  Surplus and dividends Each year a corporation shall set apart,  as earned surplus,  all of its net earnings until such earned surplus shall equal the total of the capital and paid-in surplus then outstanding or ten per cent of the total outstanding borrowings of the corporation whichever is greater. The earned surplus shall be held in cash,  shall be invested in United States government bonds or such other securities as may be legal investments under section 10-2263 and shall be kept and used to meet losses and contingencies of such corporation. Whenever the amount of earned surplus shall become impaired it shall be built up again to the required amount in the manner provided for its original accumulation. Net earnings and surplus shall be determined by the board of directors,  after providing for such reserves as the directors deem desirable and the directors' determination made in good faith shall be conclusive on all persons. After setting aside the required reserves the directors may declare dividends from the balance of net earnings.