Arizona Laws 44-1877. Escrow of treasury stock; restrictive sales agreement
Except as provided in section 44-1901, the commission may in its discretion by order require as a condition to registration of securities under this chapter that all treasury stock of the issuer, or other securities issued and thereafter acquired by the issuer, shall be subject to a restrictive sales agreement or shall be deposited in escrow in a suitable depository, subject to the terms and conditions as to release from the restrictive sales agreement or the escrow as the commission deems necessary. Any treasury stock or other security that is subject to a restrictive sales agreement shall have a legend on the back of the treasury stock or other security that states that the treasury stock or other security is subject to a restrictive sales agreement.
Terms Used In Arizona Laws 44-1877
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Issuer: means any person who issues or proposes to issue any security, except:
(a) With respect to certificates of deposit, voting-trust certificates, collateral-trust certificates, certificates of interest or shares in an unincorporated investment trust, whether or not of the fixed, restricted management or unit type, issuer means the person or persons performing the acts and assuming the duties of depositor or manager pursuant to the provisions of the trust or other agreement or instrument under which such securities are issued. See Arizona Laws 44-1801