Arizona Laws 10-624. Share rights, options and warrants
A. Subject to any provisions set forth in its articles of incorporation, a corporation may issue rights, options or warrants for the purchase of shares of the corporation. These rights, options or warrants shall be evidenced in writing, and the board of directors shall determine the terms on which the rights, options or warrants are issued and their form and content. The consideration to be received for any shares on the exercise of these rights, options or warrants is governed by section 10-621.
Terms Used In Arizona Laws 10-624
- Affiliate: means a person that directly or indirectly, through one or more intermediaries controls, is controlled by or is under common control with the person specified. See Arizona Laws 10-140
- 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
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- 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.
- Shares: means the units into which the proprietary interests in a corporation are divided. See Arizona Laws 10-140
- Writing: includes printing. See Arizona Laws 1-215
B. The articles of incorporation may provide that the issuance of rights, options or warrants to directors, officers or employees of the corporation or any affiliate of the directors, officers or employees shall be approved by the shareholders.
C. The rights, options or warrants may include provisions that adjust the terms of the rights, options or warrants if there is an acquisition of shares, reorganization, merger, consolidation, sale of assets or other occurrence.