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2018 Arizona Revised Statutes
Title 10 - Corporations and Associations
§ 10-2405 Termination of benefit corporation status
Universal Citation: AZ Rev Stat § 10-2405 (2018)
10-2405. Termination of benefit corporation status
A. A benefit corporation may terminate its status as a benefit corporation and cease to be subject to this chapter by amending its articles of incorporation to delete the provision required by section 10-2403 or 10-2404 to be stated in the articles of a benefit corporation. In order to be effective, the amendment must be adopted by at least the minimum status vote.
B. Any sale, lease, exchange or other disposition of all or substantially all of the assets of a benefit corporation, unless the transaction is in the usual and regular course of business, shall not be effective unless the transaction is approved by at least the minimum status vote.
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