2017 Arizona Revised Statutes
Title 10 - Corporations and Associations
§ 10-2224 Acquisition procedure
10-2224. Acquisition procedure
A. If shares must be acquired under section 10-2223 and the price is not fixed as described in section 10-2223, subsection B, paragraph 1, the professional corporation shall deliver within the applicable time period specified in section 10-2227 a written notice to the disqualified shareholder, offering to purchase the shares at a price the corporation believes represents their fair value as of the date of death, dissolution, disqualification or transfer. The offer notice shall be accompanied by the corporation's balance sheet for a fiscal year ending not more than sixteen months before the effective date of the offer notice, an income statement for that year, a statement of changes in shareholders' equity for that year and the latest available interim financial statements, if any.
B. The disqualified shareholder has thirty days after the effective date of the offer notice to accept the corporation's offer or demand that the corporation commence a proceeding under section 10-2225 to determine the fair value of the disqualified shareholder's shares. If the disqualified shareholder accepts the offer, the corporation shall make payment for the shares within sixty days after the effective date of the offer notice, unless a later date is agreed on, on the disqualified shareholder's surrender of the disqualified shareholder's shares to the corporation.
C. After the corporation makes payment for the shares, the disqualified person has no further interest in them.
