Arizona Laws 10-1875. Merger, interest exchange, conversion, domestication or division; definitions
A. A domestic business trust 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.
Terms Used In Arizona Laws 10-1875
- Business trust: means an unincorporated association or trust of the type which at common law was known as a "business trust" or "Massachusetts trust" created by an instrument under which property is held and managed by trustees for the benefit and profit of such persons as are or may become the holders of transferable certificates evidencing beneficial interests in the trust estate. See Arizona Laws 10-1871
- Delivery: means actual receipt by the person or entity to which directed and for electronic transmissions means receipt as described in section 44-7015, subsection B. See Arizona Laws 10-140
- trustees: means individuals, designated in the articles of incorporation or bylaws or elected by the incorporators, and their successors and individuals elected or appointed by any other name or title to act as members of the board. See Arizona Laws 10-3140
B. If a domestic business trust is to be created in a merger, a conversion, a domestication or a division, the trust must comply with the delivery requirements set forth in section 10-1874, subsections A and B.
C. For the purposes of this section, references in chapters 11 and 13 of this title to:
1. "Corporations" are deemed references to business trusts.
2. "Directors" are deemed references to trustees.
3. "Shareholders" are deemed references to holders of transferable certificates evidencing beneficial interests in the trust estate.
D. 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.