The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
A. A domestic entity may divide under this article by approving a plan of division. The plan of division must be in a record and contain all of the following:
1. The name and type of the dividing entity.
2. A statement as to whether the dividing entity will survive the division.
3. The name, jurisdiction of organization and type of each new resulting entity.
4. The manner of all of the following:
(a) Converting the interests in the dividing entity into interests, securities, obligations, rights to acquire interests or securities, cash or other property or any combination of the foregoing.
(b) Allocating between or among the resulting entities the property of the dividing entity that will not be owned by all of the resulting entities as tenants in common pursuant to section 29-2606, subsection A, paragraph 4 and those obligations of the dividing entity as to which not all of the resulting entities will be liable jointly and severally pursuant to section 29-2607.
(c) Distributing the interests in the resulting entities created in the division.
5. The proposed public organizational document, if any, of each new resulting entity and the full text of its private organizational documents that are proposed to be in a record.
6. If the dividing entity will survive the division and is a filing entity, any proposed amendments to its public organizational document.
7. If the dividing entity will survive the division, any proposed amendments to its private organizational documents that are in a record.
8. The other terms and conditions of the division, if any.
9. Any other provisions required by the laws of this state or the organizational documents of the dividing entity.
B. A plan of division may contain any other provision not prohibited by law.