Section R14-1-101. Debt limitation; exception

For the purpose of computing the highest amount of indebtedness which corporations are authorized to incur where the stock has no par value, the Commission has, in accordance with the provisions of A.R.S. § 10-173, fixed the amount of $100.00 per share unless proper showing is made that such stock is reasonably worth more than that sum; provided that such limitation shall not apply to cor- porations or districts organized for the purpose of providing irriga- tion or drainage for farm lands, or corporations and districts organized in connection with the development of agricultural improvements, the debt limitation for which shall, upon applica- tion, be fixed by the Commission in a reasonable amount, taking into consideration the valuation of properties included within the boundaries of any such project.

Historical Note

Former General Order I-2.