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.
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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.
40-811 - Contracting debt exceeding means of corporation to pay; classification; validity of debt
40-811. Contracting debt exceeding means of corporation to pay; classification; validity of debt
A. Every officer, agent or stockholder of a railroad company, who knowingly assents to or has any agency in contracting a debt by or on behalf of such company, unauthorized by law for the purpose, the amount of which debt with other debts of the company exceeds the means for payment of its debts available, in its possession, under its control and belonging to it at the time such debt is contracted, including its bona fide and available stock subscriptions and exclusive of its real property, is guilty of a class 2 misdemeanor.
B. The validity of the debt as against the company is not affected by the provisions of subsection A.