1. A. Unless expressly defined in the Act or this Chapter, the terms used in this Article have the same meanings as understood pur­suant to generally accepted accounting principles and prac­tices.

2. B. In addition to the definitions provided in A.R.S. § 27-901, the following definitions apply to this Article:

   “ICPA” means Independent Certified Public Accountant.

   “Parent corporation” means a corporation which directly owns at least 50% of the voting stock of the corporation which is the owner or operator. Any latter corporation is considered a “subsidiary” of the parent corporation.

   “Substantial business relationship” means the extent of a business relationship which is necessary, under applica­ble state law, to make a guarantee contract (issued on the basis of that relationship) valid and enforceable. A “sub­stantial business relationship” shall arise from a pattern of recent or ongoing business transactions, so that a cur­rently existing business relationship between guarantor and the owner or operator is shown to the satisfaction of the State Mine Inspector.

Historical Note

Adopted effective January 6, 1997 (Supp. 97-1).