Arizona Laws 10-1802. Definitions
In this article, unless the context otherwise requires:
Terms Used In Arizona Laws 10-1802
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Articles of incorporation: means the original or restated articles of incorporation or articles of merger and all amendments to the articles of incorporation or merger and includes amended and restated articles of incorporation and articles of amendment and merger. See Arizona Laws 10-140
- Capital units: means the proportions of the proprietary interest in the corporation owned by the investors. See Arizona Laws 10-1802
- close corporation: means a corporation for profit organized pursuant to the provisions of this article. See Arizona Laws 10-1802
- Commission: means the Arizona corporation commission. See Arizona Laws 10-1802
- 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.
- Manager: means the person or persons named in the articles of incorporation either originally or by amendment thereto in the capacity of manager or assistant manager and does not include any person who is not so named. See Arizona Laws 10-1802
- negligently: import a want of such attention to the nature or probable consequence of the act or omission as a prudent man ordinarily bestows in acting in his own concerns. See Arizona Laws 1-215
- Person: includes an individual and entity. See Arizona Laws 10-140
1. "Capital units" means the proportions of the proprietary interest in the corporation owned by the investors.
2. "Commission" means the Arizona corporation commission.
3. "Corporation" or "close corporation" means a corporation for profit organized pursuant to the provisions of this article.
4. "Good faith" or "in good faith" means an act or thing done when it is in fact done honestly, whether it be done negligently or not.
5. "Investor" means one who is the owner of capital units in a close corporation.
6. "Manager" means the person or persons named in the articles of incorporation either originally or by amendment thereto in the capacity of manager or assistant manager and does not include any person who is not so named.