2018 Arizona Revised Statutes
Title 10 - Corporations and Associations
§ 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.
