10-2259. Method of incorporation


A. A corporation may be formed by five or more residents of the state of Arizona
who each subscribe to at least one share of stock of the corporation.


B. The articles of incorporation shall set forth:


1. The name of the proposed corporation which shall include the words "business
development corporation".


2. The purpose for which it is to be formed which shall be within the purposes and
powers set forth in this chapter.


3. The location of the principal place of business of the corporation, but the
corporation may have offices in such other places in the state as may be fixed by the
board of directors.


4. The term of its existence.


5. The authorized capital stock of the corporation.


6. The names and addresses of the incorporators and the amount of their capital
stock subscriptions.


7. The names and addresses of eight temporary directors.


8. The name and address of the treasurer.


9. The names and addresses of five qualified banks which have obligated themselves
to become members of the corporation at the time of its incorporation.


10. Any other provisions not inconsistent with law which the proposed corporation
may adopt governing the regulation and conduct of its affairs.


C. A corporation formed under this chapter may amend its articles of incorporation
provided that prior to the filing of articles of amendment with the corporation
commission the same shall have been approved by the superintendent of financial
institutions in the manner and as provided for in section 10-2260.