Sections
Article 1 General Provisions 10-2201 – 10-2202
Article 2 Creation 10-2210 – 10-2215
Article 3 Shares 10-2220 – 10-2228
Article 4 Governance 10-2230 – 10-2234
Article 5 Reorganization and Termination 10-2240 – 10-2242
Article 6 Foreign Professional Corporations 10-2244 – 10-2246
Article 8 Transition Provisions 10-2249

Terms Used In Arizona Laws > Title 10 > Chapter 20 - Professional Corporations

  • Achievement district school: means a public school or a charter school that has qualified as an achievement district school pursuant to article 10 of this chapter and that has submitted an application with the board pursuant to this article to obtain guaranteed financing. See Arizona Laws 41-5851
  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • adoption agency: means a person other than the division licensed by the division to place children for adoption, including an attorney or law firm. See Arizona Laws 8-101
  • Adoption subsidy: means a grant that is provided to a child with special needs and that has been applied for through the department. See Arizona Laws 8-141
  • Adult: means a person eighteen years of age or older. See Arizona Laws 8-101
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Agency: means the department or a child welfare agency that is authorized in its license issued by the department to place or care for children in foster care. See Arizona Laws 8-141
  • Agency placement adoption: means an adoption proceeding in which one or more of the requisite consents are given to an agency pursuant to section 8-107, subsection D, paragraph 1. See Arizona Laws 8-101
  • Agreement: means any loan or other agreement, contract, note, mortgage, deed of trust, trust indenture, lease, sublease or instrument entered into by the authority. See Arizona Laws 41-5351
  • Allegation: something that someone says happened.
  • 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.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Applicable agency: means a department or agency of this state established by law to regulate certain types of business activity in this state and persons engaged in such business, including the issuance of licenses or other types of authorization, that the attorney general determines would or may regulate a sandbox participant if the person was not a regulatory sandbox participant. See Arizona Laws 41-5601
  • Application: means the completion of the department application form with documentation of the child's special needs. See Arizona Laws 8-141
  • Application: means the completion of the department application form with documentation of the child's special needs and nonrecurring expenses related to the adoption. See Arizona Laws 8-161
  • Appraisal: A determination of property value.
  • 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.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Authority: means the Arizona finance authority. See Arizona Laws 41-5351
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Board: means the school facilities oversight board. See Arizona Laws 41-5701
  • Board: means the board of directors of the authority. See Arizona Laws 41-5351
  • Board: means the credit enhancement eligibility board established by section 41-5852. See Arizona Laws 41-5851
  • Bonds: means any bonds issued by the authority. See Arizona Laws 41-5351
  • Bylaws: means the code of rules adopted for the regulation or management of the affairs of the corporation irrespective of the name by which those rules are designated. See Arizona Laws 10-140
  • Certificate of disclosure: means the certificate of disclosure described in section 10-202. See Arizona Laws 10-140
  • Child: means any person under eighteen years of age. See Arizona Laws 8-101
  • Child: means any person who is under the age of eighteen years, who is legally free for adoption and who otherwise may not be adopted because the person has special needs. See Arizona Laws 8-141
  • Child: means a person who is under the age of eighteen years and who is adopted in this state or placed for adoption from this state. See Arizona Laws 8-161
  • Commission: means the Arizona corporation commission. See Arizona Laws 10-140
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Corruptly: means a wrongful design to acquire or cause some pecuniary or other advantage to the person guilty of the act or omission referred to, or to some other person. See Arizona Laws 1-215
  • Council: means the citrus, fruit and vegetable advisory council. See Arizona Laws 3-527
  • Council: means the Arizona grain research and promotion council. See Arizona Laws 3-581
  • court: means the juvenile division of the superior court. See Arizona Laws 8-101
  • Court: means the superior court of this state. See Arizona Laws 10-140
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Deliver: includes sending by mail, private courier, fax or electronic transmission. See Arizona Laws 10-140
  • Department: means the department of revenue. See Arizona Laws 42-1001
  • Department: means the department of child safety. See Arizona Laws 8-201
  • Dependent: A person dependent for support upon another.
  • Direct placement adoption: means an adoption proceeding in which one or more of the requisite consents are given to a particular person pursuant to section 8-107, subsection D, paragraph 2. See Arizona Laws 8-101
  • Director: means the director of the office. See Arizona Laws 41-5301
  • Director: means the director of the authority. See Arizona Laws 41-5351
  • Director: means the director of the department. See Arizona Laws 42-1001
  • Disqualified person: means an individual or entity that is not or ceases to be a qualified person. See Arizona Laws 10-2201
  • disqualified shareholder: means a shareholder described in subsection 10-2223, subsection A, paragraph 1 or 2 or the legal representative of that shareholder. See Arizona Laws 10-2228
  • Division: means the division of school facilities within the department of administration. See Arizona Laws 41-5701
  • Division: means the department of child safety. See Arizona Laws 8-101
  • domestic professional corporation: means a corporation for profit that is not a foreign professional corporation and that is incorporated under or subject to this chapter. See Arizona Laws 10-2201
  • Due date: means the next business day if a due date of any report, claim, return, statement, payment, deposit, petition, notice or other document or filing falls on Saturday, Sunday or a legal holiday. See Arizona Laws 42-11001
  • Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic or similar capabilities. See Arizona Laws 41-5502
  • Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
  • Electronic portal: means a secure location on a website established by the department that requires the receiver to enter a password to access. See Arizona Laws 42-1001
  • Electronic return preparer: means a person who for compensation prepares an electronic return, statement or other document or prepares a substantial portion of an electronic return, statement or other document or transforms a paper version of a completed return, statement or other document to an electronic version of the same return, statement or other document for filing with the department. See Arizona Laws 42-1101.01
  • Electronic return transmitter: means a person who receives the electronic return, statement or other document from a taxpayer or electronic return preparer for ultimate transmittal to the department. See Arizona Laws 42-1101.01
  • Email: means :

    (a) An electronic transmission of a message to an email address. See Arizona Laws 42-1001

  • Emotional disturbance: means a condition which impedes the child's ordinary developmental progress as defined by accepted psychiatric or psychological standards and as diagnosed by one or more psychiatrists or psychologists approved by the department. See Arizona Laws 8-141
  • Emotional ties: includes :

    (a) Identification of the child as a member of the foster family. See Arizona Laws 8-141

  • Entity: includes a corporation, foreign corporation, not for profit corporation, profit and not for profit unincorporated association, nonprofit corporation, close corporation, corporation sole or limited liability company, a professional corporation, association or limited liability company, a business trust, estate, partnership, registered limited liability partnership, trust or joint venture, two or more persons having a joint or common economic interest, any person other than an individual and a state, the United States and a foreign government. See Arizona Laws 10-140
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Executive session: A portion of the Senate's daily session in which it considers executive business.
  • Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Federal agency: means the United States or any agency or agencies of the United States. See Arizona Laws 41-5351
  • Fiduciary: A trustee, executor, or administrator.
  • 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

  • Financial product or service: means a product or service that requires licensure under title 6 or Title 44, Chapter 2. See Arizona Laws 41-5601
  • First buyer: means a person, partnership, corporation or cooperative that purchases grain from a producer in the first instance or a public or private lienholder, secured party or pledgee, or assignee of the lienholder, secured party or pledgee, who gains title to the grain from the grower as a result of exercising any legal rights by the lienholder, secured party, pledgee or assignee regardless of when the lien, security interest or pledge was created. See Arizona Laws 3-581
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Food product: includes :

    (a) Every product of the soil in its natural or manufactured state. See Arizona Laws 3-561

  • Foreign professional corporation: means a corporation or association for profit incorporated for the purpose of rendering professional services under a law other than the law of this state. See Arizona Laws 10-2201
  • Fraud: Intentional deception resulting in injury to another.
  • Fund: means the Arizona public school credit enhancement fund established by section 41-5854. See Arizona Laws 41-5851
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Government attorney: means an attorney employed by this state as a staff attorney in the attorney general's office. See Arizona Laws 41-4801
  • Grain: means the seed of barley and wheat of all classes produced for use as food, feed or seed or produced for any industrial or commercial use. See Arizona Laws 3-581
  • Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
  • Grantor: includes every person from or by whom an estate or interest in real property passes, in or by a deed. See Arizona Laws 1-215
  • Grantor: The person who establishes a trust and places property into it.
  • Guaranteed financing: means debt obligations that are issued by or on behalf of a public school or a charter school to acquire, construct, renovate, equip, refinance or improve capital facilities and for which the board has approved a guarantee of all or a portion of the principal and interest payments pursuant to the program. See Arizona Laws 41-5851
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • High risk of physical or mental disease: means a potentially debilitating condition as defined by accepted standards of the health service profession and as certified by one or more health service providers approved by the department. See Arizona Laws 8-141
  • High risk of severe emotional disturbance if removed from the care of his foster parents: means the development of significant emotional ties to the foster family as documented by the child's case manager and as diagnosed by a psychiatrist or psychologist approved by the department. See Arizona Laws 8-141
  • HVAC system: means the equipment, distribution network and terminals that provide, either collectively or individually, the process of heating, ventilation or air conditioning to a building. See Arizona Laws 41-5831
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Individual: includes the estate of an incompetent or deceased individual. See Arizona Laws 10-140
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Innovation: means the use or incorporation of new or emerging technology or the reimagination of uses for existing technology to address a problem, provide a benefit or otherwise offer a product, service, business model or delivery mechanism that is not known by the attorney general to have a comparable widespread offering in this state. See Arizona Laws 41-5601
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Internal revenue code: means the United States internal revenue code of 1986, as amended and in effect as of January 1, 2022, including those provisions that became effective during 2021 with the specific adoption of their retroactive effective dates but excluding all changes to the code enacted after January 1, 2022. See Arizona Laws 42-1001
  • Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
  • Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • juvenile: means an individual who is under eighteen years of age. See Arizona Laws 8-201
  • Juvenile court: means the juvenile division of the superior court when exercising its jurisdiction over children in any proceeding relating to delinquency, dependency or incorrigibility. See Arizona Laws 8-201
  • Known place of business: means the known place of business required to be maintained pursuant to section 10-501. See Arizona Laws 10-140
  • Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Legal material: means , whether or not in effect:

    (a) The Constitution of Arizona. See Arizona Laws 41-5502

  • levy: includes the power of distraint and seizure by any means. See Arizona Laws 42-1201
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • licensed: means any license, authorization, certificate, registration, certificate of registration, membership or other evidence of the satisfaction of the requirements of this state for the practice of a professional service. See Arizona Laws 10-2201
  • Licensing authority: means the officer, board, agency, court or other authority in this state empowered by law to license or otherwise authorize the rendition of a professional service. See Arizona Laws 10-2201
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Membership: refers to the rights and obligations a member or members have pursuant to a corporation's articles of incorporation and bylaws and chapters 24 through 40 of this title. See Arizona Laws 10-3140
  • Minor: means a person under eighteen years of age. See Arizona Laws 1-215
  • Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • negligently: import a want of such attention to the nature or probable consequence of the act or omission as a prudent man ordinarily bestows in acting in his own concerns. See Arizona Laws 1-215
  • Oath: includes an affirmation or declaration. See Arizona Laws 1-215
  • Oath: A promise to tell the truth.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Office: means the office of economic opportunity. See Arizona Laws 41-5301
  • Official publisher: means the Arizona legislative council. See Arizona Laws 41-5502
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
  • Person: means a natural person, individual, proprietor, proprietorship, company, corporation, organization, association, joint venture, partner, partnership, trust, estate or limited liability company, the federal or state government, a political subdivision of a state or any other legal entity or combination of entities that owns, controls or has possession of real or personal property. See Arizona Laws 42-11001
  • Person: includes an individual and entity. See Arizona Laws 10-140
  • Personal property: includes property of every kind, both tangible and intangible, that is not included as real estate. See Arizona Laws 42-11001
  • Personal property: All property that is not real property.
  • Petition: means a written statement of the essential facts that allege delinquency, incorrigibility or dependency. See Arizona Laws 8-201
  • Petitioner: includes both petitioners under a joint petition. See Arizona Laws 8-101
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Population: means the population according to the most recent United States decennial census. See Arizona Laws 1-215
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • President: means that officer designated as the president in the articles of incorporation or bylaws or, if not so designated, that officer authorized in the articles of incorporation, bylaws or otherwise to perform the functions of the chief executive officer, irrespective of the name by which designated. See Arizona Laws 10-140
  • Principal office: means the office, in or out of this state, so designated in the annual report where the principal executive offices of a domestic or foreign corporation are located or in any other document executed by the corporation by an officer and delivered to the commission for filing. See Arizona Laws 10-140
  • Private attorney: means any private attorney or law firm. See Arizona Laws 41-4801
  • Proceeding: includes a civil suit and a criminal, administrative and investigatory action. See Arizona Laws 10-140
  • Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
  • Producer: includes owners, proprietors or tenants of agricultural lands, orchards, farms and gardens where food products are grown, raised or prepared for market. See Arizona Laws 3-561
  • Producer: means a person, partnership, corporation or cooperative in this state that produces and sells grain in commercial channels. See Arizona Laws 3-581
  • Professional service: means a service that may be lawfully rendered only by a person licensed or otherwise authorized by a licensing authority in this state to render the service. See Arizona Laws 10-2201
  • Program: means the Arizona public school credit enhancement program established by section 41-5855. See Arizona Laws 41-5851
  • Program funding obligations: means program funding obligations approved and issued by the board pursuant to section 41-5857. See Arizona Laws 41-5851
  • Program leverage ratio: means the ratio at any time between the aggregate principal amount of guaranteed financings outstanding and the amounts on deposit in the fund. See Arizona Laws 41-5851
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Qualified person: means a person that is eligible under this chapter to be issued shares by a professional corporation. See Arizona Laws 10-2201
  • Qualified young adult: means a former dependent child who is at least eighteen years of age and not over twenty-one years of age, who meets the criteria for an extended foster care program pursuant to Section 8-521. See Arizona Laws 8-201
  • Quorum: The number of legislators that must be present to do business.
  • Racial or ethnic factors: means Black, Hispanic, Native American, Asian or other heritage which may prevent a child from being adopted by a family of similar racial or ethnic origin. See Arizona Laws 8-141
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Arizona Laws 41-5502
  • Referral: means a report that is submitted to the juvenile court and that alleges that a child is dependent or incorrigible or that a juvenile has committed a delinquent or criminal act. See Arizona Laws 8-201
  • Regulatory sandbox: means the program established by this chapter that allows a person to temporarily test an innovation on a limited basis without otherwise being licensed or authorized to act under the laws of this state. See Arizona Laws 41-5601
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Report: includes a notice of insurance payments, a request for a release of a bank account and an inventory of a safe deposit box. See Arizona Laws 42-2001
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Return: includes any form prescribed by the department and any supporting schedules, attachments and lists. See Arizona Laws 42-2001
  • Sandbox participant: means any person whose application to participate in the regulatory sandbox is approved pursuant to this chapter. See Arizona Laws 41-5601
  • School activity hours: means the time of day in which students or school personnel occupy school facilities. See Arizona Laws 41-5831
  • send electronically: means to send by either email or the use of an electronic portal. See Arizona Laws 42-1001
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Shareholder: means the person in whose name shares are registered in the records of a corporation or the beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation. See Arizona Laws 10-140
  • Shares: means the units into which the proprietary interests in a corporation are divided. See Arizona Laws 10-140
  • Special needs: means one or more of the following conditions which existed before the finalization of adoption:

    (a) Physical, mental or developmental disability. See Arizona Laws 8-141

  • State: means this state, including state officers, agencies, departments, boards and commissions and units of organization, however designated, of the executive branch of this state, and any of its agents, but does not include those agencies as provided in section 41-192, subsection D. See Arizona Laws 41-4801
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. See Arizona Laws 41-5502
  • State: means the District of Columbia and any state, territory or possession of the United States. See Arizona Laws 42-1051
  • state board: means either the state board of tax appeals or the state board of equalization, as applicable. See Arizona Laws 42-1001
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Subpoena duces tecum: A command to a witness to produce documents.
  • Summons: Another word for subpoena used by the criminal justice system.
  • Tax: means :

    (a) Assessments lawfully made, whether based on a return or other disclosure of the taxpayer, upon the information and belief of the taxing authority, or otherwise. See Arizona Laws 42-1051

  • Tax administration: includes assessment, collection, investigation, litigation, statistical gathering functions, enforcement, policy making functions or management of those functions of the tax revenue laws of this state. See Arizona Laws 42-2001
  • Tax official: means a nonelected employee or the nonelected employee's designee or agent who is responsible for tax administration. See Arizona Laws 42-2001
  • Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
  • Test: means to provide products and services as allowed by this chapter. See Arizona Laws 41-5601
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Trustee: A person or institution holding and administering property in trust.
  • trustees: means individuals, designated in the articles of incorporation or bylaws or elected by the incorporators, and their successors and individuals elected or appointed by any other name or title to act as members of the board. See Arizona Laws 10-3140
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • Valuation: means the full cash value or limited property value that is determined for real or personal property, as applicable. See Arizona Laws 42-11001
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
  • Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
  • Vote: includes authorization by written ballot and written consent. See Arizona Laws 10-3140
  • Voting shares: means shares entitled to vote for election of directors of the professional corporation. See Arizona Laws 10-2201
  • Wilfully: means , with respect to conduct or to a circumstance described by a statute defining an offense, that a person is aware or believes that the person's conduct is of that nature or that the circumstance exists. See Arizona Laws 1-215
  • Writing: includes printing. See Arizona Laws 1-215
  • written: includes blockchain technology as defined in section 44-7061. See Arizona Laws 10-140