A.R.S. § 6-497: Effect on existing associations

With respect to any existing association:

1. The valid articles of incorporation, bylaws, shares, contracts and obligations of such association shall continue in full force and effect; but the association shall be operated and regulated in accordance with the provisions of this chapter.

2. If the association accepts the benefits of, or avails itself of the powers given by, this chapter, the association shall be subject to the provisions and requirements of this chapter in every particular, as if the association had been organized under this chapter.