Arizona § 10-2223 - Compulsory acquisition of shares after death, dissolution or disqualification of shareholder
Full text of Arizona Arizona Revised Statutes § 10-2223 — Compulsory acquisition of shares after death, dissolution or disqualification of shareholder, with citation guidance and answers to common questions.
§ 10-2223. Compulsory acquisition of shares after death, dissolution or disqualification of shareholder
A. Except as provided in subsection C of this section, and unless the shares are otherwise acquired by a qualified person within the applicable time period specified in section 10-2227, a professional corporation shall acquire the voting shares of its shareholder within the applicable time period if any of the following occurs:
1. The shareholder dies or dissolves and any person to whom the shares are to devolve is not a person to whom section 10-2222 permits the shares to be transferred.
2. The shareholder becomes a disqualified person.
B. The price shall be as follows:
1. If a price for the shares is fixed in accordance with the articles of incorporation or bylaws or by private agreement, that price controls and sections 10-2224, 10-2225 and 10-2226 are inapplicable.
2. If a price is not fixed, in accordance with the articles of incorporation or bylaws or by private agreement, the corporation shall offer to acquire the shares in accordance with section 10-2224, and if the disqualified shareholder rejects the corporation's purchase offer, either the shareholder or the corporation may commence a proceeding under section 10-2225 to determine the fair value of the shares.
C. This section does not require the acquisition of shares if the disqualification of the shareholder or the transferee lasts no more than five months from the date the disqualification or transfer occurs.
D. This section and section 10-2224 do not prevent or relieve a professional corporation from paying pension benefits or other deferred compensation for services rendered to a former shareholder if otherwise permitted by law.
E. A provision for the acquisition of shares contained in a professional corporation's articles of incorporation or bylaws or in a private agreement is specifically enforceable.
Source: official Arizona text · Last verified 2026-08-27
Frequently Asked Questions About Arizona § 10-2223
What does Arizona Revised Statutes § 10-2223 cover?
Section 10-2223 ("Compulsory acquisition of shares after death, dissolution or disqualification of shareholder") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 10-2223?
A common citation format is "Arizona Revised Statutes § 10-2223" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 10-2223 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.