Arizona § 10-2224 - Acquisition procedure
Full text of Arizona Arizona Revised Statutes § 10-2224 — Acquisition procedure, with citation guidance and answers to common questions.
§ 10-2224. Acquisition procedure
A. If shares must be acquired under section 10-2223 and the price is not fixed as described in section 10-2223, subsection B, paragraph 1, the professional corporation shall deliver within the applicable time period specified in section 10-2227 a written notice to the disqualified shareholder, offering to purchase the shares at a price the corporation believes represents their fair value as of the date of death, dissolution, disqualification or transfer. The offer notice shall be accompanied by the corporation's balance sheet for a fiscal year ending not more than sixteen months before the effective date of the offer notice, an income statement for that year, a statement of changes in shareholders' equity for that year and the latest available interim financial statements, if any.
B. The disqualified shareholder has thirty days after the effective date of the offer notice to accept the corporation's offer or demand that the corporation commence a proceeding under section 10-2225 to determine the fair value of the disqualified shareholder's shares. If the disqualified shareholder accepts the offer, the corporation shall make payment for the shares within sixty days after the effective date of the offer notice, unless a later date is agreed on, on the disqualified shareholder's surrender of the disqualified shareholder's shares to the corporation.
C. After the corporation makes payment for the shares, the disqualified person has no further interest in them.
Frequently Asked Questions About Arizona § 10-2224
What does Arizona Revised Statutes § 10-2224 cover?
Section 10-2224 ("Acquisition procedure") 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 § 10-2224?
A common citation format is "Arizona Revised Statutes § 10-2224" (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 § 10-2224 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.