10-2227. Cancellation of disqualified shares
75 words·~1 min read·
/az/title-10/10-2227A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If the shares of a disqualified shareholder are not acquired pursuant to section 10-2223 within ten months after the death or dissolution of the shareholder or within five months after the disqualification or transfer, the professional corporation shall immediately cancel the shares on its books and the disqualified shareholder shall have no further interest as a shareholder in the corporation other than the right to payment of the price specified in section 10-2223, subsection B.