Ariz. Rev. Stat. § 10-2256
Notwithstanding any other rule or provision of law or any provision in their respective charters, agreements of association, articles or organization, certificates or articles of incorporation to the contrary, all persons, except banks and savings and loan associations, organized for the purpose of doing or authorized to do business within this state, including without implied limitation any railroad or transportation corporation or other public utility, are authorized to acquire, purchase, hold, sell, assign, transfer, mortgage, pledge or otherwise dispose of any bonds, securities, or other evidences of indebtedness created by or the shares of the capital stock of a corporation, and while owners of the stock, to exercise all the rights, powers and privileges of ownership without the approval of any regulatory authority of this state.
A.R.S. § 10-2256