10-2107. Merger, interest exchange, conversion, domestication or division; definitions
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/az/title-10/10-2107A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A fraternal or benevolent society may be a party to or otherwise undertake a merger, an interest exchange, a conversion, a domestication or a division by complying with chapter 34 of this title and title 29, chapter 6.
B. For the purposes of this section, references in chapter 34 of this title to "directors" are deemed references to trustees, and references to a "corporation" are deemed references to a fraternal or benevolent society.
C. If a fraternal or benevolent society governed by this article is to be created in a merger, a conversion, a domestication or a division:
1. The initial members of the society must be members of the type described in section 10-2101.
2. The trustees of the society must be members of the society and must be not less than three nor more than nine in number in accordance with section 10-2101.
D. For the purposes of this section:
1. "Conversion" means a transaction authorized by title 29, chapter 6, article 4.
2. "Division" means a transaction authorized by title 29, chapter 6, article 6.
3. "Domestication" means a transaction authorized by title 29, chapter 6, article 5.
4. "Interest exchange" means a transaction authorized by title 29, chapter 6, article 3.
5. "Merger" means a transaction authorized by title 29, chapter 6, article 2.