Arizona Arizona Revised Statutes
§ 10-630 — Shareholders' preemptive rights; definition
ARS § 10-630Title 10. Corporations and Associations · Ch. 6. SHARES AND DISTRIBUTIONS · Art. 3. Subsequent Acquisition of Shares by Shareholders and Corporation
Statute text
View on source10-630. Shareholders' preemptive rights; definition A. The shareholders of a corporation do not have any preemptive right to acquire the corporation's unissued shares except to the extent the articles of incorporation so provide. B. A statement included in the articles of incorporation that "the corporation elects to have preemptive rights" or words of similar import means that the following principles apply except to the extent the articles of incorporation expressly provide otherwise: 1. The shareholders of the corporation have a preemptive right, granted on uniform terms and conditions prescribed by the board of directors, to provide a fair and reasonable opportunity to exercise the right to acquire proportional amounts of the corporation's unissued shares on the decision of the board of directors to issue them. 2. A shareholder may waive his preemptive right. A waiver evidenced by a writing is irrevocable even though it is not supported by consideration. 3. There is no preemptive right with respect to:
…