10-2263. Investment of excess funds
A. If the board of directors determines at any time that funds are available in excess of the demands and needs of the corporation, the corporation may invest such funds as follows:
1. In an account of any bank or savings and loan association authorized to do business in Arizona.
2. In obligations of or fully guaranteed by the United States government.
3. Bonds or other direct obligations of or guaranteed as to principal and interest by this state.
4. Bonds or other evidences of indebtedness which are direct general obligations of any county, incorporated city or town, school district, or other political subdivision or municipal corporation of this state.
B. A corporation shall not deposit or invest any of its funds in any bank or savings and loan association unless such institution has been designated as a depository by a vote of the majority of the directors of the corporation, exclusive of any director who is an officer or director of the depository so designated. A corporation shall not receive money on deposit.
C. A corporation shall not make any loan, directly or indirectly, to any of its officers or directors or to any person, corporation or other form of organization in which such officer or director is a member, director or officer or in which such officer or director has any interest, direct or indirect, financial or otherwise, except when a full and complete disclosure of the relationship is made at a regularly called meeting of the board of directors of the corporation, entered upon the minutes, and voted on by secret ballot with the officer or director making such disclosure refraining from voting on the motion.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.