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.

Terms Used In Arizona Laws 10-2259

  • Address: means a mailing address. See Arizona Laws 10-140
  • 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
  • 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
  • Commission: means the Arizona corporation commission. See Arizona Laws 10-140
  • Corporation: means a business development corporation formed under this chapter. See Arizona Laws 10-2251
  • 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.
  • Deputy director of financial institutions: means the deputy director of the financial institutions division of the department of insurance and financial institutions. See Arizona Laws 10-2251
  • Filing: means the commission completing the following procedure with respect to any document delivered for that purpose:

    (a) Determining that the filing fee requirements of section 10-122 have been satisfied. See Arizona Laws 10-140

  • Treasurer: means that officer designated as the treasurer in the articles of incorporation or bylaws or that officer authorized in the articles of incorporation or bylaws or otherwise to perform the functions of treasurer, irrespective of the name by which designated. See Arizona Laws 10-140

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.

  Previous section
Next section  
 Article 1 Contents