A. Voting shares, fractional voting shares and rights or options to purchase voting shares of a professional corporation that are held by persons described in section 10-2220, subsection A, paragraphs 1, 2 and 3 may be transferred or pledged, whether voluntarily, involuntarily, by operation of law or by court judgment or otherwise, only to those persons. Voting shares, fractional voting shares and rights or options to purchase voting shares of a professional corporation that are held by persons described in section 10-2220, subsection A, paragraph 4 may be transferred or pledged, whether voluntarily, involuntarily, by operation of law or by court judgment or otherwise, only to persons qualified under section 10-2220 to be issued voting shares.

Terms Used In Arizona Laws 10-2222

  • 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.
  • Court: means the superior court of this state. See Arizona Laws 10-140
  • Shares: means the units into which the proprietary interests in a corporation are divided. See Arizona Laws 10-140
  • Voting shares: means shares entitled to vote for election of directors of the professional corporation. See Arizona Laws 10-2201

B. A transfer or pledge made in violation of subsection A of this section is void.

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