ARIZONA CHANGES TO INTERNAL GOVERNANCE OF CORPORATION

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These changes to Arizona internal governance of corporations may affect your business:

Effective Date: August 6, 2016

  • The period for disclosure of felony convictions for fraud in the Certificate of Disclosure is changed to five years instead of seven.
  • The foreign corporation is required to provide the address of its principle office in its state of incorporation, or, if none, the corporation must provide the street address of its registered agent in the foreign jurisdiction.
  • Par value of shares is no longer required on the application for authority.
  • The bill eliminates the application of Authority. The bill clarifies that both certified copies from the foreign jurisdiction and articles of amendment will be required if the corporation changes its name, duration, or domicile, or if anything on the original Application was inaccurate when filed.
  • The bill creates a right of action that the corporation or LLC, its creditors, and shareholders or members, may exercise against any person that authorizes or signs a document delivered for filing with the A.C.C. that the person knows contains false or misleading information. The prevailing party may be awarded reasonable attorney fees.

SOURCE: http://www.azleg.gov/legtext/52leg/2r/bills/sb1356p.pdf

Contact your CLASCORP™ representative for further information at 800-737-8012 or orders@clascorp.com.

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