Arizona Laws 10-2010. Appraisal of interest and payment upon withdrawal or expulsion of member
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If a member withdraws or is expelled, the board of directors shall, within three years after withdrawal or expulsion, equitably appraise his property interest in the association and pay him for that interest. The appraisal is conclusive.
Terms Used In Arizona Laws 10-2010
- Appraisal: A determination of property value.
- Association: means a corporation organized under this article. See Arizona Laws 10-2001
- Board of directors: means the group of persons vested with the management of the affairs of the corporation irrespective of the name by which the group is designated and includes the governing body or bodies of a water users' association if the articles of incorporation of the water users' association provide for a governing body or bodies denominated other than as a board of directors. See Arizona Laws 10-140
- Member: includes members of associations. See Arizona Laws 10-2001
- Property: includes both real and personal property. See Arizona Laws 1-215