The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
A. The holders of the outstanding shares of a class are entitled to vote as a separate voting group, if shareholder voting is otherwise required by chapters 1 through 17 of this title, on a proposed amendment if the amendment would either:
1. Increase or decrease the aggregate number of authorized shares of the class.
2. Effect an exchange or reclassification of all or part of the shares of the class into shares of another class.
3. Effect an exchange or reclassification, or create the right of exchange of all or part of the shares of another class into shares of the class.
4. Change the designations, rights, obligations, preferences or limitations of all or part of the shares of the class.
5. Change the shares of all or part of the class into a different number of shares of the same class.
6. Create a new class of shares having rights or preferences with respect to distributions or to dissolution that are prior, superior or substantially equal to the shares of the class.
7. Increase rights, preferences or number of authorized shares of any class that, after giving effect to the amendment, have rights or preferences with respect to distributions or to dissolution that are prior, superior or substantially equal to the shares of the class.
8. Limit or deny an existing preemptive right of all or part of the class.
9. Cancel or otherwise affect rights to distributions or dividends that have accumulated but have not yet been declared on all or part of the shares of the class.
B. If a proposed amendment would affect a series of a class of shares in one or more of the ways described in subsection A, the shares of that series are entitled to vote as a separate voting group on the proposed amendment.
C. If a proposed amendment that entitles two or more series of shares to vote as separate voting groups under this section would affect those two or more series in the same or a substantially similar way, the shares of all of the series so affected must vote together as a single voting group on the proposed amendment.
D. A class or series of shares is entitled to the voting rights granted by this section although the articles of incorporation provide that the shares are nonvoting shares.