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.
10-2107 - Merger, interest exchange, conversion, domestication or division; definitions
10-2107. Merger, interest exchange, conversion, domestication or division; definitions
A. A fraternal or benevolent society may be a party to or otherwise undertake a merger, an interest exchange, a conversion, a domestication or a division by complying with chapter 34 of this title and title 29, chapter 6.
B. For the purposes of this section, references in chapter 34 of this title to "directors" are deemed references to trustees, and references to a "corporation" are deemed references to a fraternal or benevolent society.
C. If a fraternal or benevolent society governed by this article is to be created in a merger, a conversion, a domestication or a division:
1. The initial members of the society must be members of the type described in section 10-2101.
2. The trustees of the society must be members of the society and must be not less than three nor more than nine in number in accordance with section 10-2101.
D. For the purposes of this section:
1. "Conversion" means a transaction authorized by title 29, chapter 6, article 4.
2. "Division" means a transaction authorized by title 29, chapter 6, article 6.
3. "Domestication" means a transaction authorized by title 29, chapter 6, article 5.
4. "Interest exchange" means a transaction authorized by title 29, chapter 6, article 3.
5. "Merger" means a transaction authorized by title 29, chapter 6, article 2.