Arizona Laws 10-2266. Dissolution or liquidation
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In the event of dissolution or liquidation of a corporation none of the corporation‘s assets shall be distributed to the shareholders until all sums due the members of the corporation as creditors have been paid in full.
Terms Used In Arizona Laws 10-2266
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Corporation: means a business development corporation formed under this chapter. See Arizona Laws 10-2251