10-1802. Definitions

In this article, unless the context otherwise requires:

1. "Capital units" means the proportions of the proprietary interest in the corporation owned by the investors.

2. "Commission" means the Arizona corporation commission.

3. "Corporation" or "close corporation" means a corporation for profit organized pursuant to the provisions of this article.

4. "Good faith" or "in good faith" means an act or thing done when it is in fact done honestly, whether it be done negligently or not.

5. "Investor" means one who is the owner of capital units in a close corporation.

6. "Manager" means the person or persons named in the articles of incorporation either originally or by amendment thereto in the capacity of manager or assistant manager and does not include any person who is not so named.