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.
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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 superior court in the county in which the known place of business or statutory agent of the corporation is situated, may in an action by any investor, appoint a conservator or interim manager of the corporation if the court finds that a deadlock or dispute involving the internal affairs of the corporation impairs or threatens to impair the value of the assets or the continued conduct of the business of the corporation. Upon or subsequent to appointing such a conservator or interim manager, the court may enter orders which, despite any contract or provision of the articles of incorporation to the contrary:
1. Suspend, revoke or nullify the authority, in whole or in part, of any existing manager or managers or any conservator or interim manager appointed pursuant to section 10-1806.
2. Define the authority of such conservator or interim manager.
3. Set the compensation of such conservator or interim manager to be paid by the corporation.
4. Resolve, partially resolve or aid in the resolution of any such deadlock or dispute.
B. When any order or appointment is issued pursuant to subsection A of this section, the clerk of the court shall immediately supply a copy thereof to the commission.