9-226 - Arizona Statutes

9-226. Effect of dissolution on existing rights A. The dissolution of a corporation shall not invalidate or affect any right, penalty or forfeiture accruing to the corporation, nor invalidate or affect any contract entered into or imposed upon the corporation, but all the contracted indebtedness and obligations shall remain unimpaired by reason of the disincorporation of the corporation, and the board of trustees of the municipality succeeding the disincorporated city or town shall provide for the payment and discharge in good faith of all the indebtedness and obligations according to the tenor of the contract or obligation by which they were contracted or the indebtedness incurred, and for the collection of any indebtedness due the corporation. B. Nothing in this section shall be construed as compelling recognition of contracts made by the mayor or common council subsequent to the petition for disincorporation made to the board of supervisors, as provided by this article, and prior to a vote being taken thereon.