48-3249. Abrogation of agreement by failure to deposit fifty-one per cent of bonds If the bonds of the district deposited with the state treasurer at the end of two years from the date of the adoption of the bondholders' agreement are less than fifty-one per cent of the principal amount of all bonds of the district then outstanding, the bondholders' agreement shall be abrogated and the committee discharged, and the state treasurer shall return any bonds theretofore deposited with him to the respective owners thereof.
‹ Prev All Arizona sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.