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| Home > Statutes > Usa Arizona |
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USA Statutes : arizona
Title : Corporations and Associations
Chapter : GENERAL PROVISIONS
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10-120 Filing requirements
A. In order to qualify for filing by the commission, a document shall satisfy the
requirements of this section and any other section of chapters 1 through 17 of this title
that adds to or varies these requirements.
B. Chapters 1 through 17 of this title require or permit filing of the document in
the office of the commission.
C. The document shall contain the information required by chapters 1 through 17 of
this title. It may contain other information.
D. The document shall be typewritten or printed and shall be legible and capable of
microfilm or other process reduction and subsequent reproduction as determined by the
commission.
E. The document and any exhibits to the document shall be in the English language
or accompanied by an English translation certified as accurate by or on behalf of the
person causing the document to be delivered for filing.
F. The document shall be executed either:
1. By the chairman of the board of directors of a domestic or foreign corporation,
by its president or by another of its officers.
2. If directors have not been selected or the corporation has not been formed, by
an incorporator.
3. If the corporation is in the hands of any receiver, trustee or other court
appointed fiduciary, by that fiduciary.
G. The document shall state the name of each person who signs it and the capacity
in which each person signs. The document may but need not contain:
1. The corporate seal.
2. An attestation by the secretary or an assistant secretary.
3. An acknowledgment, verification or proof.
H. If the commission has prescribed a mandatory form for the document under section
10-121, the document shall be in or on the prescribed form.
I. Except as provided in subsection J of this section and sections 10-503 and
10-1509, the document shall be delivered to the office of the commission for filing and
shall be accompanied by the correct filing fee and any other payment or penalty required
by chapters 1 through 17 of this title or other law.
J. Notwithstanding subsection I of this section:
1. A person may deliver by means of a telefacsimile transmission a document that is
required or permitted by chapters 1 through 17 of this title to be delivered to the
commission for filing. The person shall retain the original document for at least twelve
months in the books and records of the corporation or of the person making the delivery
for filing, if the delivery is not made on behalf of the corporation, and the person
shall make the original document available for inspection and copying by the commission
on reasonable notice.
2. A document that is reproduced at a telefacsimile machine at the commission as a
result of a telefacsimile transmission is deemed delivered to the commission:
(a) On the date of the reproduction if reproduced on or before 5:00 p.m. mountain
standard time and if the day is a business day of the commission.
(b) On the next succeeding business day if reproduced after 5:00 p.m. mountain
standard time or on a day that is not a business day of the commission.
3. On the request of the person transmitting the document, the commission shall
confirm by telefascimile transmission or other writing the receipt of the document.
4. A person shall pay and deliver to the commission any fee or penalty imposed by
section 10-122 or by any other section of chapters 1 through 17 of this title with
respect to delivery of a document to the commission for filing in the manner as the
commission determines.
5. If the commission determines that the legality of the document reproduced by
means of a telefacsimile transmission is not sufficient, the commission may require that
either:
(a) The document be delivered to the commission by means of an additional
telefacsimile transmission.
(b) An original document be delivered to the commission by means other than a
telefacsimile transmission.
6. The commission shall not file a document if any required amount is not paid as
provided in paragraph 4 of this subsection or if any required additional counterpart is
not delivered as provided in paragraph 5 of this subsection.
7. A reproduced document delivered under this subsection is deemed to satisfy any
requirement in chapters 1 through 17 of this title for delivery of an original and one or
more copies of the document. A document subject to this paragraph is deemed to have been
delivered on the date on which it was delivered as provided in paragraph 2 of this
subsection only if the first reproduction at a minimum permits identification of the
corporation to which the document pertains and of the general nature of the document and
the commission subsequently determines that paragraphs 4 and 5 of this subsection and any
other requirements of chapters 1 through 17 of this title regarding the document have
been satisfied.
10-121 Forms
A. Certificates, reports and statements required by section 10-202, subsection D
and sections 10-1622 and 10-1623 to be delivered to and filed by the commission shall be
made on the forms that are prescribed and furnished by the commission.
B. The commission may prescribe and furnish on request forms for other documents
required or permitted to be filed by chapters 1 through 17 of this title, but their use
is not mandatory.
10-122.01 Public access fund; purpose; exemption; money on deposit account
A. A public access fund is established. The commission shall administer the fund.
The fund consists of monies received pursuant to:
1. Section 10-122, subsections F, G, H and K.
2. Section 10-3122, subsections E, F, G and J.
3. Section 29-851, subsections E and F.
B. Except as provided in subsection C of this section:
1. Monies in the fund are subject to legislative appropriation.
2. The commission shall spend monies in the fund for a part of the general
administrative and legal expenses of the commission and to purchase, install and maintain
an improved data processing system on the premises of the commission. The data processing
system shall be designed to allow direct on-line access by any person at a remote
location to all public records that are filed with the commission pursuant to this title
and title 29, chapter 4.
3. When sufficient monies have been collected pursuant to section 10-122,
subsections F, G and H, section 10-3122, subsections E, F and G and section 29-851,
subsection E to pay for the purchase and installation of the data processing system, the
commission shall not charge and collect the fees prescribed in section 10-122, subsection
H or section 10-3122, subsection G.
4. Monies in the fund are exempt from the provisions of section 35-190 relating to
lapsing of appropriations, except that any unencumbered monies in excess of two hundred
thousand dollars at the end of each fiscal year revert to the state general fund.
C. The money on deposit account is established in the public access fund as a
separate account consisting of monies received pursuant to section 10-122, subsection K,
section 10-3122, subsection J and section 29-851, subsection F. Monies in the money on
deposit account:
1. Are held in trust by the commission.
2. May be withdrawn by the commission only:
(a) To cover fees that are due pursuant to this title or title 29, chapter 4 on
delivery of documents for filing or on a request for services by a person who advanced
monies to the commission pursuant to section 10-122, subsection K, section 10-3122,
subsection J or section 29-851, subsection F.
(b) To refund the monies advanced in subdivision (a) if the person who requested
services pursuant to subdivision (a) requests the refund.
(c) For the disposition of unclaimed property pursuant to title 44, chapter 3.
3. Are not subject to either:
(a) Legislative appropriation.
(b) Reversion to the state general fund. 10-122 Filing, service and copying fees; expedited report filing and access; same day and next day services; posted wait times; advance monies; definition
A. The commission shall collect and deposit, pursuant to sections 35-146 and
35-147, the following fees when the documents described in this subsection are delivered
to it for filing or issuance:
Document Fee
1. Articles of incorporation $50
2. Application for use of indistinguishable name 10
3. Application for reserved name 10
4. Notice of transfer of reserved name 10
5. Application for registered name 10
6. Application for renewal of registered name 10
7. Agent's statement of resignation 10
8. Amendment of articles of incorporation 25
9. Restatement of articles of incorporation with
amendment of articles 25
10. Articles of merger or share exchange 100
11. Articles of dissolution 25
12. Articles of domestication 100
13. Articles of revocation of dissolution 25
14. Application for reinstatement following
administrative dissolution, in addition
to other fees and penalties due 100
15. Application for authority 150
16. Application for withdrawal 25
17. Annual report 45
18. Articles of correction 25
19. Application for certificate of good standing 10
20. Any other document required or permitted
to be filed by chapters 1 through 15
of this title 25
B. The commission shall collect a fee of twenty-five dollars each time process is
served on it under chapters 1 through 17 of this title. The party to a proceeding causing
service of process is entitled to recover this fee as costs if the party prevails in the
proceeding.
C. The commission shall charge and collect a reasonable fee for copying documents
on request, provided the fee does not exceed the cost of providing the service as
determined by the commission. The commission shall also charge a reasonable fee for
certifying the copy of a filed document, provided the fee does not exceed the cost of
providing the service as determined by the commission.
D. A penalty of one hundred dollars payable in addition to other fees accrues and
is payable if a foreign corporation fails to file an amendment, restated articles that
include an amendment, or articles of merger within sixty days of the time of filing in
the jurisdiction in which the corporation is domiciled. The penalty collected pursuant to
this subsection shall be deposited, pursuant to sections 35-146 and 35-147, in the state
general fund.
E. One-third of the filing fees for the annual report of domestic and foreign
corporations paid pursuant to subsection A, paragraph 17 of this section shall be
deposited in the ARIZONA arts trust fund established by section 41-983.01.
F. The commission shall provide for and establish an expedited service for the
filing of all documents and services provided pursuant to this title as follows:
1. The expedited filing shall be a priority service to be completed as soon as
possible after the documents are delivered to the commission.
2. In addition to any other fees required by this section or any other law, the
commission shall charge a fee for expedited services, including those requested by fax.
The fee shall be determined by a supermajority vote of the commissioners.
3. The commission may provide for and establish same day and next day services for
the filing of any documents and services provided pursuant to this title as follows:
(a) The same day and next day services shall not be offered unless all expedited
services filed pursuant to this title are processed within a maximum of five business
days and all other documents and services filed pursuant to this title are processed
within a maximum of thirty business days.
(b) The commission shall suspend same day or next day service if the commission
determines that it does not have the necessary resources to perform the service within
the established time period.
(c) In addition to any other fees required by this section or any other law, the
commissioners may charge a fee for the same day or next day service or both. The fee
shall be determined by a supermajority vote of the commissioners.
4. The commission shall publicly post the current wait times for processing
regular, expedited and same day and next day services.
G. The commission may charge persons who access the commission's data processing
system that is maintained pursuant to section 10-122.01 from remote locations and persons
requesting special computer generated printouts, reports and tapes a reasonable fee that
does not exceed the cost of the time, equipment and personnel necessary to provide this
service or product as determined by the commission.
H. Except as provided in section 10-122.01, subsection B, paragraph 3, in addition
to any fee charged pursuant to this section, the commission may charge and collect the
following fees to help defray the cost of the improved data processing system that is
maintained pursuant to section 10-122.01:
1. Filing articles of incorporation of a domestic corporation, ten dollars.
2. Filing an application of a foreign corporation for authority to transact
business in this state, twenty-five dollars.
I. All monies received pursuant to subsections F, G and H of this section shall be
deposited, pursuant to sections 35-146 and 35-147, in the public access fund established
by section 10-122.01.
J. Fees charged pursuant to this section are exempt from section 39-121.03,
subsection A, paragraph 3.
K. Any person may advance monies to the commission to pay fees required pursuant to
this section for future filings and services. All monies received pursuant to this
subsection shall be deposited, pursuant to sections 35-146 and 35-147, in the money on
deposit account in the public access fund established by section 10-122.01.
L. For the purposes of this section, "supermajority" means an affirmative vote of
at least four commissioners.
10-123 Effective time and date of document
A. Except as provided in subsections B and C of this section, a document delivered
to the commission for filing is effective when the document is delivered to the
commission for filing.
B. A document may specify a delayed effective time or date, or both, and if so, the
document is effective at the time and date specified. If a delayed effective date but no
time is specified, the document is effective at 12:01 a.m. mountain standard time on that
date. A delayed effective date for a document may not be later than the ninetieth day
after the date it is delivered.
C. Subject to section 10-124, if the commission determines that the requirements of
chapters 1 through 17 of this title for filing have not been met, the document shall not
be filed and, except as provided in section 10-203, the delivery of the document is
ineffective. If the commission determines that the requirements for filing have been
met, the commission shall file the document as provided in section 10-125 and the filing
is effective as of the date and time determined pursuant to subsection A or B of this
section.
10-124 Correcting filed document
A. A domestic or foreign corporation may correct a document that is delivered to
the commission for filing or a document that has been filed by the commission if the
document either:
1. Contains an incorrect statement and the correction does not materially alter a
substantive provision.
2. Was defectively executed, attested, verified or acknowledged.
B. A document is corrected by both:
1. Preparing articles of correction that:
(a) Describe the document or attach a copy of it to the articles.
(b) Specify the date the document was delivered to the commission.
(c) Specify the incorrect statement and the reason it is incorrect or the manner in
which the execution was defective.
(d) Correct the incorrect statement or other defect.
2. Delivering the articles to the commission for filing.
C. Articles of correction are effective on the effective date of the document they
correct except as to persons who rely on the incorrect statement or other defect and who
are adversely affected by the correction. As to those persons, articles of correction
are effective as provided in section 10-123.
D. If a document is corrected after it has been delivered to the commission but
before it is reviewed by the commission for filing, the commission shall file the
document and the articles of correction simultaneously and both the document and the
articles of correction are effective on the effective date of the document that has been
corrected.
E. If a document is rejected for filing by the commission because of a defect that
can be corrected by articles of correction, the document may be refiled within thirty
days of the date of rejection together with articles of correction. If the articles of
correction cure the defect that caused the rejection, both the document and the articles
of correction shall be filed by the commission and, except as provided in subsection C of
this section, are effective on the date that would have been the effective date of filing
the document if it had not been rejected.
10-125 Filing duty of commission
A. At the time of delivery of a document to the commission, the commission shall
stamp, endorse or attach the date and time of delivery of the document.
B. If a document delivered to the commission for filing satisfies the requirements
of chapters 1 through 17 of this title, the commission shall file it by stamping,
otherwise endorsing or attaching the word "filed" on the original document. Except as
provided in sections 10-503 and 10-1509, after filing a document, the commission shall
deliver a document copy to the domestic or foreign corporation or its representative.
C. If the commission refuses to file a document, it shall return it or a copy of
the original to the domestic or foreign corporation or its representative within five
days after the determination of refusal to file, together with a brief written
explanation of the reason for the refusal.
D. The filing or refusing to file a document by the commission does not:
1. Affect the validity or invalidity of the document in whole or part, except to
the extent that filing is required to make the document valid.
2. Relate to the correctness or incorrectness of information contained in the
document.
3. Create a presumption that the document is valid or invalid or that information
contained in the document is correct or incorrect.
10-127 Evidentiary effect of copy of filed document
A stamp affixed to a copy of a document filed by the commission, bearing the
signature of the executive director of the commission, which may be in facsimile, and the
seal of the commission, is conclusive evidence that the original document is on file with
the commission. 10-128 Certificate of good standing
A. A person may apply to the commission to furnish a certificate of good standing
for a domestic or foreign corporation.
B. A certificate of good standing sets forth all of the following:
1. The domestic corporation's corporate name or the foreign corporation's corporate
name used in this state.
2. That either:
(a) The domestic corporation is incorporated under the laws of this state and the
date of its incorporation.
(b) The foreign corporation is authorized to transact business in this state.
3. That all affidavits and annual reports required before the date of the
certificate have been filed with the commission.
4. That all annual filing fees due before the date of the certificate have been
paid.
5. That, according to the records of the commission, the corporation is in good
standing in this state.
C. Subject to any qualification stated in the certificate, a certificate of good
standing issued by the commission may be relied on as conclusive evidence of the matters
stated in the certificate.
10-130 Powers
The commission has the power and authority reasonably necessary to enable it to
administer this title efficiently and to perform the duties imposed on it by this title,
including the power and authority to make rules and regulations for those purposes.
10-140 Definitions
In chapters 1 through 17 of this title, unless the context otherwise requires:
1. "Acknowledged" or "acknowledgment" means either an acknowledgment pursuant to
title 33, chapter 4, article 5 or the signature, without more, of the person or persons
signing the instrument, in which case the signature or signatures constitute the
affirmation or acknowledgment of the signatory, under penalties of perjury, that the
instrument is the act and deed of the signatory and that the facts stated in the
instrument are true.
2. "Act of the board of directors" means either:
(a) An act of the majority of the directors present at a duly called meeting at
which a quorum is present, unless the act of a greater number is required by chapters 1
through 17 of this title, the articles of incorporation or the bylaws.
(b) Action taken by written consent of the directors in accordance with chapters 1
through 17 of this title.
3. "Act of the shareholders" means either:
(a) An act adopted or rejected by a majority of the votes entitled to be cast by
each class of shareholders entitled to vote on the act at a duly called meeting at which
a quorum is present, unless a greater number of votes is required by chapters 1 through
17 of this title, the articles of incorporation or the bylaws.
(b) An action taken by written consent of the shareholders in accordance with
chapters 1 through 17 of this title.
4. "Address" means a mailing address.
5. "Affiliate" means a person that directly or indirectly through one or more
intermediaries controls, is controlled by or is under common control with the person
specified.
6. "Articles of incorporation" means the original or restated articles of
incorporation or articles of merger and all amendments to the articles of incorporation
or merger and includes amended and restated articles of incorporation and articles of
amendment and merger.
7. "Authorized shares" means the shares of all classes that a domestic or foreign
corporation is authorized to issue.
8. "Board of directors" means the group of persons vested with the management of
the affairs of the corporation irrespective of the name by which the group is designated
and includes the governing body or bodies of a water users' association if the articles
of incorporation of such water users' association provide for a governing body or bodies
denominated other than as a board of directors.
9. "Business day" means a day that is not a Saturday, a Sunday or any other legal
holiday in this state.
10. "Bylaws" means the code of rules adopted for the regulation or management of the
affairs of the corporation irrespective of the name by which those rules are designated.
11. "Certificate of disclosure" means the certificate of disclosure described in
section 10-202.
12. "Commission" means the ARIZONA corporation commission.
13. "Conspicuous" means so written that a reasonable person against whom the writing
is to operate should have noticed it. For example, printing in italics, boldface or
contrasting color or typing in capitals or underlined is conspicuous.
14. "Corporation" or "domestic corporation" means a corporation for profit that is
not a foreign corporation and that is incorporated under or subject to chapters 1 through
17 of this title.
15. "Court" means the superior court of this state.
16. "Deliver" includes mail, private courier or telefacsimile transmission.
17. "Delivery" means actual receipt by the person or entity to which directed.
18. "Dissolved" means the status of a corporation on either:
(a) Effectiveness of articles of dissolution pursuant to section 10-1403,
subsection B or section 10-1421, subsection B.
(b) A decree pursuant to section 10-1433, subsection B becoming final.
19. "Distribution" means a direct or indirect transfer of money or other property,
except its own shares, or incurrence of indebtedness by a corporation to or for the
benefit of its shareholders in respect of any of its shares. A distribution may be in
the form of any of the following:
(a) A declaration or payment of a dividend.
(b) Any purchase, redemption or other acquisition of shares.
(c) A distribution of indebtedness.
(d) Otherwise.
20. "Effective date of notice" is as prescribed in section 10-141.
21. "Employee" includes an officer but not a director. A director may accept duties
that make the director also an employee.
22. "Entity" includes a corporation, foreign corporation, not for profit
corporation, profit and not for profit unincorporated association, nonprofit corporation,
close corporation, corporation sole or limited liability company, a professional
corporation, association or limited liability company, a business trust, estate,
partnership, registered limited liability partnership, trust or joint venture, two or
more persons having a joint or common economic interest, any person other than an
individual and a state, the United States and a foreign government.
23. "Executed by the corporation" means executed by manual or facsimile signature on
behalf of the corporation by a duly authorized officer or, if the corporation is in the
hands of a receiver or trustee, by the receiver or trustee.
24. "Filing" means the commission completing the following procedure with respect to
any document delivered for that purpose:
(a) Determining that the filing fee requirements of section 10-122 have been
satisfied.
(b) Determining that the document appears in all respects to conform to the
requirements of chapters 1 through 17 of this title.
(c) On making the determinations, endorsement of the word "filed" with the
applicable date on or attached to the document and the return of copies to the person who
delivered the document or the person's representative.
25. "Foreign corporation" means a corporation for profit that is incorporated under
a law other than the law of this state.
26. "Governmental subdivision" includes an authority, county, district, municipality
and political subdivision.
27. "Includes" and "including" denotes a partial definition.
28. "Individual" includes the estate of an incompetent or deceased individual.
29. "Insolvent" means inability of a corporation to pay its debts as they become due
in the usual course of its business.
30. "Known place of business" means the known place of business required to be
maintained pursuant to section 10-501.
31. "Liquidate its assets and business" includes the distribution of assets, the
payment of obligations and debts, the discontinuance of business or any one or more of
the distribution, payment or discontinuance.
32. "Mail", "to mail" or "have mailed" means to deposit or have deposited a
communication in the United States mail with first class or airmail postage prepaid.
33. "Means" denotes an exhaustive definition.
34. "Newspaper" has the meaning set forth in section 39-201.
35. "Notice" and "notify" are as prescribed in section 10-141.
36. "Person" includes an individual and entity.
37. "President" means that officer designated as the president in the articles of
incorporation or bylaws or, if not so designated, that officer authorized in the articles
of incorporation, bylaws or otherwise to perform the functions of the chief executive
officer, irrespective of the name by which designated.
38. "Principal office" means the office, in or out of this state, so designated in
the annual report where the principal executive offices of a domestic or foreign
corporation are located or in any other document executed by the corporation by an
officer and delivered to the commission for filing. If an office has not been so
designated, principal office means the known place of business of the corporation.
39. "Proceeding" includes a civil suit and a criminal, administrative and
investigatory action.
40. "Publish" means to publish in a newspaper of general circulation in the county
of the known place of business for three consecutive publications.
41. "Record date" means the date established under chapter 6 or 7 of this title on
which a corporation determines the identity of its shareholders and their shareholdings
for purposes of chapters 1 through 17 of this title. The determinations shall be made as
of the close of business on the record date unless another time for doing so is specified
when the record date is fixed.
42. "Secretary" means that officer designated as the secretary in the articles of
incorporation or bylaws or that officer authorized in the articles of incorporation, the
bylaws or otherwise to perform the functions of secretary, irrespective of the name by
which designated.
43. "Shareholder" means the person in whose name shares are registered in the
records of a corporation or the beneficial owner of shares to the extent of the rights
granted by a nominee certificate on file with a corporation.
44. "Shares" means the units into which the proprietary interests in a corporation
are divided.
45. "State", if referring to a part of the United States, includes a state and
commonwealth and their agencies and governmental subdivisions and a territory and insular
possession of the United States and their agencies and governmental subdivisions.
46. "Subscriber" means a person who subscribes for shares in a corporation, whether
before or after incorporation.
47. "Treasurer" means that officer designated as the treasurer in the articles of
incorporation or bylaws or that officer authorized in the articles of incorporation,
bylaws or otherwise to perform the functions of treasurer, irrespective of the name by
which designated.
48. "United States" includes a district, authority, bureau, commission and
department and any other agency of the United States.
49. "Vice-president" means an officer designated as the vice-president in the
articles of incorporation or bylaws or an officer authorized in the articles of
incorporation, the bylaws or otherwise to perform the functions of a vice-president,
irrespective of the name by which designated.
50. "Voting group" means all shares of one or more classes or series that under the
articles of incorporation or chapters 1 through 17 of this title are entitled to vote and
be counted together collectively on a matter at a meeting of shareholders. All shares
entitled by the articles of incorporation or chapters 1 through 17 of this title to vote
generally on the matter are for that purpose a single voting group.
51. "Water users' association" means a corporation that operates a federal
reclamation project pursuant to a contract with the United States.
10-141 Notice
A. Notice under chapters 1 through 17 of this title must be in writing unless oral
notice is reasonable under the circumstances. Oral notice is not permitted if written
notice is required under chapters 1 through 17 of this title.
B. Notice may be communicated in person, by telephone, telegraph, teletype,
facsimile or other form of wire or wireless communication or by mail or private carrier.
If these forms of personal notice are impracticable, notice may be communicated by a
newspaper of general circulation in the area where published or by radio, television or
other form of public broadcast communication.
C. Written notice by a domestic or foreign corporation to its shareholders, if in a
comprehensible form, is effective when mailed, if mailed postpaid and correctly addressed
to the shareholder's address shown in the corporation's current record of shareholders.
D. Written notice to a domestic or foreign corporation that is authorized to
transact business in this state may be addressed to its statutory agent at its known
place of business or to the corporation or its secretary at its principal office shown in
its most recent annual report on file with the commission, or in the case of a foreign
corporation that has not yet delivered an annual report, in its application for a
certificate of authority.
E. Except as provided in subsection C, written notice, if in a comprehensible form,
is effective at the earliest of the following:
1. When received.
2. Five days after its deposit in the United States mail as evidenced by the
postmark, if mailed postpaid and correctly addressed.
3. On the date shown on the return receipt, if sent by registered or certified
mail, return receipt requested, and if the receipt is signed by or on behalf of the
addressee.
F. Oral notice is effective when communicated if communicated in a comprehensible
manner.
G. If chapters 1 through 17 of this title prescribe notice requirements for
particular circumstances, those requirements govern. If articles of incorporation or
bylaws prescribe notice requirements, not inconsistent with this section or other
provisions of chapters 1 through 17 of this title, those requirements govern.
10-142 Number of shareholders
A. For purposes of chapters 1 through 17 of this title, the following identified as
a shareholder in a corporation's current record of shareholders constitutes one
shareholder:
1. Three or fewer co-owners.
2. Any corporation, partnership, trust, estate or other entity.
3. The trustees, guardians, custodians or other fiduciaries of a single trust,
estate or account.
B. For purposes of chapters 1 through 17 of this title, shareholdings registered in
substantially similar names constitute one shareholder if it is reasonable to believe
that the names represent the same person.
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