Arizona Arizona Revised Statutes
§ 10-3732 — Member agreements
ARS § 10-3732Title 10. Corporations and Associations · Ch. 30. MEMBERS' MEETINGS AND VOTING-NONPROFIT CORPORATIONS · Art. 3. Voting Agreement and Trusts
Statute text
View on source10-3732. Member agreements A. An agreement among the members of a corporation that complies with this section is effective among the members and the corporation even though it is inconsistent with one or more other provisions of chapters 24 through 40 of this title if it meets any of the following conditions: 1. Restricts the discretion or powers of the board of directors. 2. Governs the authorization or making of distributions whether or not in proportion to ownership of memberships, subject to the limitations in sections 10-11301 and 10-11302. 3. Establishes who shall be directors or officers of the corporation, their terms and conditions of office or employment or their manner of selection or removal. 4. Governs, in general or in regard to specific matters, the exercise or division of voting power by or between the members and directors or by or among any of them, including use of weighted voting rights or director proxies. 5. Establishes the terms and conditions of any agreement for the transfer or use of property or the provision of services between the corporation and any member, director, officer or employee of the corporation or among any of them. 6. Transfers to one or more members or other persons all or part of the authority to exercise the corporate powers or to manage the affairs of the corporation, including the resolution of any issue about which there exists a deadlock among directors or members. 7. Requires dissolution of the corporation at the request of one or more of the members or on the occurrence of a specified event or contingency. 8. Establishes the terms and conditions of employment of members. 9. Addresses the use of arbitration or other forms of dispute resolution to resolve disputes among members. 10. Restricts the transfer of memberships. 11. Otherwise governs the exercise of the corporate powers or the management of the affairs of the corporation, its liquidation and dissolution or the relationship among the members, the directors and the corporation, or among any of them. B. An agreement authorized by this section shall be: 1. Set forth either:
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