The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 55th Legislature, 1st Regular Session, which convenes in January 2021.
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.
10-1816 - Court relief other than dissolution, liquidation or appointment of conservator
10-1816. Court relief other than dissolution, liquidation or appointment of conservator
A. The superior court in an action filed either by an investor or by a creditor seeking relief under section 10-1815 shall have full power to make any such order or grant any such relief other than dissolution or liquidation as in its discretion it may deem appropriate including but not limited to:
1. Canceling, altering or amending any provision contained in the articles of incorporation of such close corporation.
2. Directing, prohibiting or enjoining any act of the corporation or other persons who are parties to the court action.
3. Providing for the purchase by the corporation or by other investors at their fair market value of the capital units or claims of the person bringing such action.
B. Relief under this section may be granted even though the court does not find any of the elements prescribed for relief under section 10-1815.