A corporation formed under this chapter shall not begin the transaction of any business, except such as is incident to its organization or to the obtaining of members of subscriptions to or payment for its shares, until it certifies to the deputy director of financial institutions that there has been paid into the corporate treasury a minimum of $100,000 from the sale at par value of the capital stock of the corporation.

Terms Used In Arizona Laws 10-2261

  • 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
  • Shares: means units into which the shareholders' rights to participate in the control of a corporation, in its surplus or profits, or in the distribution of its assets, are divided. See Arizona Laws 10-2251
  Previous section
Next section  
 Article 1 Contents