Arizona § 20-832 Limitation on salaries

Arizona Statutes

§ 20-832 — Limitation on salaries

Arizona·Title 20 Arizona Revised Statutes·Ch. 4 PARTICULAR TYPES OF INSURERS·Art. 3 Hospital, Medical, Dental and Optometric Service Corporations

A corporation shall not:

1.Pay to any officer of the corporation any salary, compensation or emolument amounting in any year to more than $5,000, unless the board of directors of the corporation first authorizes the salary, compensation or emolument.

2.Make any agreement with any officer whereby the corporation agrees that for any services rendered or to be rendered the officer will receive a salary, compensation or emolument for a period of more than three years from the date of the agreement.

3.Pay any bonus, commission or dividend to any director of the corporation.

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A corporation shall not:

1. Pay to any officer of the corporation any salary, compensation or emolument amounting in any year to more than $5,000, unless the board of directors of the corporation first authorizes the salary, compensation or emolument.

2. Make any agreement with any officer whereby the corporation agrees that for any services rendered or to be rendered the officer will receive a salary, compensation or emolument for a period of more than three years from the date of the agreement.

3. Pay any bonus, commission or dividend to any director of the corporation.

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