New AZ Senate Bill Makes Several Changes
Kim Sharpe, Assistant Vice President based in North Carolina updates us on the changes to Arizona law as described below:
Arizona Senate Bill 1356 was signed into law on May 19, 2016 and is effective as of August 6, 2016. Highlights of the bill are as follows:
Certificate of Disclosure (all corporations)
The period of disclosure of felony convictions for fraud in the Certificate of Disclosure is changed to five years instead of seven.
A foreign corporation is required to provide the address of its principal office in its state of incorporation, or, if none, the corporation must provide the street address of its registered agent in the foreign jurisdiction.
• Par value of shares is no longer required on the Application for Authority.
• Eliminates the Application for New Authority and replaces it with Articles of Amendment to Application for Authority.
• Clarifies that both certified copies from the foreign jurisdiction and articles of amendment will be required if the corporation changes its name, duration, or domicile, or if anything on the original Application was inaccurate when filed.
Creates a right of action that the corporation or LLC, its creditors, and shareholders or members, may exercise against any person that authorizes or signs a document delivered for filing with the Arizona Corporation Commission that the person knows contains false or misleading information.
The full summary, and information regarding HB2614 and HB2447, can be found at: https://www.azcc.gov/Divisions/Corporations/Legislative-changes-update-May-2016.pdf.
Should you need assistance with Arizona filings or filing in any other state, feel free to contact us or call 800-346-4646.