Sections
Article 1 Shares 10-601 – 10-604
Article 2 Issuance of Shares 10-620 – 10-629
Article 3 Subsequent Acquisition of Shares by Shareholders and Corporation 10-630 – 10-631
Article 4 Distributions 10-640

Terms Used In Arizona Laws > Title 10 > Chapter 6 - Shares and Distributions

  • acquired entitlement land: means land which this state acquired from the United States after December 31, 1985 and at the time it was acquired it was entitlement land under title 31 United States Code chapter 69 and the acquisition by the state resulted in a reduction of payments to the county under title 31 United States Code chapter 69. See Arizona Laws 37-371
  • Address: means a mailing address. See Arizona Laws 10-140
  • 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
  • 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.
  • Amortization: Paying off a loan by regular installments.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • 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
  • Associate director: means the associate director of the division. See Arizona Laws 3-481
  • Authorized shares: means the shares of all classes that a domestic or foreign corporation is authorized to issue. See Arizona Laws 10-140
  • Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
  • 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 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
  • 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
  • Class: refers to a group of memberships that have the same rights with respect to voting, dissolution, redemption and transfer. See Arizona Laws 10-3140
  • Commission: means the Arizona corporation commission. See Arizona Laws 10-140
  • Commission merchant: means a person that receives on consignment or solicits from the producer any fruit or vegetable for sale on commission on behalf of the producer or that accepts any fruit or vegetable in trust from the producer for the purpose of resale. See Arizona Laws 3-481
  • Commissioner: means the state land commissioner. See Arizona Laws 37-101
  • Community identity package: means a design theme including such elements as architecture, landscape, lighting, street furniture, walls and signage. See Arizona Laws 37-101
  • Concurrent resolution: A legislative measure, designated "S. Con. Res." and numbered consecutively upon introduction, generally employed to address the sentiments of both chambers, to deal with issues or matters affecting both houses, such as a concurrent budget resolution, or to create a temporary joint committee. Concurrent resolutions are not submitted to the President/Governor and thus do not have the force of law.
  • Conservation: means protection of the natural assets of state trust lands for the long-term benefit of the land, the trust beneficiaries, lessees, the public and the unique resources that each area contains, such as open space, scenic beauty, protected plants, wildlife, archaeology and multiple use values. See Arizona Laws 37-311
  • Container: means a box, carton or lug that is used for packing, shipping or selling fruit or vegetables that are authorized by this article or rules adopted pursuant to this article. See Arizona Laws 3-481
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Deliver: includes sending by mail, private courier, fax or electronic transmission. See Arizona Laws 10-140
  • Department: means the state land department. See Arizona Laws 37-101
  • Dependent: A person dependent for support upon another.
  • Director: means the director of the department. See Arizona Laws 3-101
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dissolved: means the status of a corporation on either:

    (a) Effectiveness of articles of dissolution pursuant to section 10-1403, subsection B or section 10-1421, subsection B. See Arizona Laws 10-140

  • Distribution: means a direct or indirect transfer of money or other property, except its own shares, or incurrence of indebtedness by a corporation to or for the benefit of its shareholders in respect of any of its shares. See Arizona Laws 10-140
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
  • Executed by the corporation: means executed by manual or facsimile signature on behalf of the corporation by a duly authorized officer or, if the corporation is in the hands of a receiver or trustee, by the receiver or trustee. See Arizona Laws 10-140
  • Existing lessee: means any of the following:

    (a) The lessee who is entitled to the use of state lands at the time the lands are considered for classification and are classified as trust lands suitable for conservation purposes. See Arizona Laws 37-311

  • Existing lessee: means any of the following:

    (a) The lessee who is entitled to the use of state lands at the time such lands are considered for classification and are classified as urban lands suitable for urban planning. See Arizona Laws 37-331

  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • 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

  • Grazing lands: means lands which can be used only for the ranging of livestock. See Arizona Laws 37-101
  • Holding lease: means a commercial lease issued solely to grant a limited use leasehold interest in state land in anticipation of future development. See Arizona Laws 37-101
  • Improvements: means anything permanent in character which is the result of labor or capital expended by the lessee or his predecessors in interest on state land in its reclamation or development, and the appropriation of water thereon, and which has enhanced the value of the land. See Arizona Laws 37-101
  • Infrastructure: means facilities or amenities, such as streets, utilities, landscaping and open space, which are constructed or located on state lands and which are intended to benefit more than the land on which they are immediately located by enhancing the development potential and value of the state lands impacted by the facility or amenities. See Arizona Laws 37-101
  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • 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
  • Leapfrog development: means the development of lands in a manner requiring the extension of public facilities and services from their existing terminal point through intervening undeveloped areas that are scheduled for development at a later time, according to the plans of the local governing body having jurisdiction for the area and which is responsible for the provision of these facilities and services. See Arizona Laws 37-101
  • Leased school or university land: means school or university land for which a lease has been issued by the state, or the territory of Arizona, under which the lessee retains rights. See Arizona Laws 37-101
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Licensee: means a person licensed under this article. See Arizona Laws 6-1201
  • Local planning authorities: means any city, town or county in which urban lands suitable for urban planning are located. See Arizona Laws 37-331
  • Lot: means a unit of identical or similar items that are produced by one person and that are grouped or consolidated in one or more containers for packaging or transporting or a cluster of identical or similar items that are produced by one person and that are included in the same shipping order, bill of lading or other itemized transport order. See Arizona Laws 3-481
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • 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.
  • Open space: means land that is generally free of land uses that would jeopardize the conservation and open space values of the land or development that would obstruct the scenic beauty of the land. See Arizona Laws 37-311
  • Participation contract: means a contract arising out of a sale together with other rights and obligations in trust lands whereby the department receives a share of the revenues generated by subsequent sales or leases. See Arizona Laws 37-101
  • Person: means any individual, general partnership, limited partnership, limited liability company, corporation, trust, association, joint stock corporation or other corporate entity identified by the director. See Arizona Laws 6-1201
  • Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
  • Person: includes an individual and entity. See Arizona Laws 10-140
  • Person: includes an individual, firm, association, partnership, trust or corporation. See Arizona Laws 3-481
  • Personal property: includes money, goods, chattels, things in action and evidences of debt. See Arizona Laws 1-215
  • Personal property: All property that is not real property.
  • Producer: means a person that is engaged in this state in the business of producing or causing fruit or vegetables to be produced for market in commercial quantities. See Arizona Laws 3-481
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Record date: means the date established under chapter 6 or 7 of this title on which a corporation determines the identity of its shareholders and their shareholdings for purposes of chapters 1 through 17 of this title. See Arizona Laws 10-140
  • 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.
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • 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
  • Shipper: means a person that ships, transports, sells or markets fruit or vegetables under the person's registered trademark or label or a person that first markets the fruit or vegetables on behalf of the producer. See Arizona Laws 3-481
  • State general plan: means a policy document that addresses appropriate uses for state lands, provides a general basis for a development plan and makes policy statements related to the use and management of state lands. See Arizona Laws 37-331
  • State lands: means any land owned or held in trust, or otherwise, by the state, including leased school or university land. See Arizona Laws 37-101
  • Sublease: means an agreement in which the lessee relinquishes control of the leased land to another party for the purposes authorized in the lease. See Arizona Laws 37-101
  • Subscriber: means a person who subscribes for shares in a corporation, whether before or after incorporation. See Arizona Laws 10-140
  • subscription: includes a mark, if a person cannot write, with the person's name written near it and witnessed by a person who writes the person's own name as witness. See Arizona Laws 1-215
  • Title: includes this title, title 32, chapters 9 and 36 and Title 44, Chapter 2. See Arizona Laws 6-101
  • Trust land: means any land that is owned or held in trust by this state. See Arizona Laws 37-311
  • Urban lands: means any state lands which are adjoining existing commercially or homesite developed lands and which are either:

    (a) Within the corporate boundaries of a city or town. See Arizona Laws 37-101

  • Urban sprawl: means the development of lands in a manner requiring the extension of public facilities and services on the periphery of an existing urbanized area where such extension is not provided for in the existing plans of the local governing body having the responsibility for the provision of these facilities and services to the lands in question. See Arizona Laws 37-101
  • 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.
  • Vote: includes authorization by written ballot and written consent. See Arizona Laws 10-3140
  • written: includes blockchain technology as defined in section 44-7061. See Arizona Laws 10-140