There is a newer version of the Arizona Revised Statutes
2005 Arizona Revised Statutes - Revised Statutes §10-741 Standing
A shareholder may not commence or maintain a derivative proceeding unless the shareholder both:
1. Was a shareholder of the corporation at the time of the act or omission complained of or became a shareholder through transfer by operation of law from one who was a shareholder at that time.
2. Fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.
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