reglab/housing_qa huggingface dataset:
AZ Rev Stat § 6-395.11 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-395.11 - Priority of claims; interest

6-395.11.  Priority of claims;  interest A. Claims allowed in a proceeding under this article shall be paid in the following order: 1. Costs and expenses of the administration of the receivership and liquidation. 2. Taxes due to this state. 3. Claims with priority under the laws of this state and under federal law. 4. Claims of creditors that are fully secured including contract claims for interest to the date of payment. 5. Claims of depositors. 6. Claims of general creditors. 7. Claims on obligations that are subordinated to the claims of general creditors. B. Claims that are approved shall bear interest calculated as provided by law or by judgment from the date that the court grants the deputy director's application for the appointment of a receiver for that bank to the extent that monies are available to pay that interest. If monies are not available to pay interest,  the interest shall be prorated. Interest owed shall receive the same priority as the claim on which it accrues,  but interest on a claim shall not be paid until all claims within that same class have received payment of the full principal amount of the claim. C. Any monies remaining after the payment of claims as provided in this section shall be returned to the stockholders of the bank as prescribed by this article.
AZ Rev Stat § 6-395.12 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-395.12 - Payment of claims and distribution to stockholders on liquidation

6-395.12.  Payment of claims and distribution to stockholders on liquidation From time to time after full provision has been made for the payment of disputed claims and claims having priority,  the receiver shall make ratable distribution on all claims that have been proved to his satisfaction or adjudicated in a court of competent jurisdiction. After all claims have been finally settled and paid,  the balance of the assets shall be distributed to the stockholders of the bank in proportion to the stock by them respectively held.
AZ Rev Stat § 6-395.13 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-395.13 - Voluntary liquidation and dissolution

6-395.13.  Voluntary liquidation and dissolution A bank may voluntarily dissolve and wind up its affairs as any other corporation under the provisions of title 10,  but a plan of liquidation or dissolution shall not be submitted to the stockholders until the deputy director on application by the bank finds that the bank has assets of such a form and amount as to allow the satisfaction in full of the claims of all depositors in accordance with their rights and that the plan contains proper provision for the satisfaction.
AZ Rev Stat § 6-395.14 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-395.14 - Voidable transactions

6-395.14.  Voidable transactions A transaction that occurs within six months after the date on which the deputy director takes possession of a bank is voidable by the receiver if the transaction has the effect of enabling a creditor,  affiliate,  officer,  director,  stockholder or employee,  or a relative of any of those persons,  to obtain a preference over any other creditor of the bank.
AZ Rev Stat § 6-395.15 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-395.15 - Notice of taking; effect

6-395.15.  Notice of taking;  effect On taking possession of the property and business of a bank,  the receiver shall give notice of the taking to all persons who hold any assets of that bank. The notice required by this section is not a prerequisite to taking possession. A person who knows of the taking may not claim a lien or charge against any assets of the bank for any subsequent payment,  advance or clearance or for any other subsequent liability.
AZ Rev Stat § 6-402 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-402 - Scope of chapter; application to federal associations and federal savings banks

6-402.  Scope of chapter;  application to federal associations and federal savings banks A. This chapter applies to all existing savings and loan associations,  and other similar associations and savings banks by whatever name called,  organized under this or any prior act. B. Every federal savings and loan association and federal savings bank shall have all the rights,  powers and privileges and shall be entitled to the same exemptions and immunities as savings and loan associations organized under the laws of this state unless prohibited by federal law. In addition to all other rights,  powers and privileges,  savings and loan associations organized under the laws of the state,  whose accounts are insured by an insurance corporation,  shall have all the rights,  powers and privileges and shall be entitled to the same exemptions and immunities as federal savings and loan associations doing business in this state unless prohibited by this chapter.
AZ Rev Stat § 6-403 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-403 - Prohibitions

6-403.  Prohibitions Except as authorized under this title: 1. No person or group of persons shall transact business within the scope of this chapter or do any business under any name or title,  or circulate or use any advertising or make any representation or give any information to any person,  which indicates or reasonably implies the operation of a business which is within the scope of this chapter. 2. No foreign savings and loan association or savings bank shall be admitted or allowed to maintain an office in this state to transact the business of a savings and loan association or savings bank.
AZ Rev Stat § 6-404 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-404 - General corporate powers

6-404.  General corporate powers An association operating under this chapter shall be a body corporate and politic and shall have all of the specific powers conferred by this chapter and as provided for under the general laws of this state and,  in addition to these powers,  the following powers: 1. To obtain and maintain insurance of the association's accounts by an insurance corporation,  as defined in this chapter,  and to comply with all the regulations and requirements of such insurance corporation. 2. Notwithstanding the provisions of article 4 of this chapter,  to designate part or all of the guaranty capital of the association as part of its federal insurance reserve established for the sole purpose of absorbing losses which the insurance corporation may require. 3. To become a member of a federal home loan bank and to have all powers of such a member which are not inconsistent with the provisions of this chapter. 4. To act as a fiscal agent for the United States when duly designated for that purpose,  and as such agent to perform such reasonable functions as may be required of it. 5. To become a member of or deal with any corporation or agency of the United States to the extent that such agency assists in furthering or facilitating the association's purposes or powers,  and to that end to purchase stock or securities thereof or deposit money therewith and to comply with any other conditions of membership or credit. 6. To make donations in reasonable amounts for the public welfare or for charitable,  scientific,  religious or educational purposes. 7. To adopt and operate reasonable insurance,  bonus,  profit sharing and retirement plans for officers and employees. 8. To reject any application for membership,  to retire accounts by enforced retirement as provided in this chapter and the bylaws and to limit the issuance of or payments on accounts,  subject however to contractual obligations.
AZ Rev Stat § 6-405 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-405 - Power to borrow

6-405.  Power to borrow A. No insured institution shall borrow an aggregate amount exceeding one-half the amount paid in and credited on accounts,  except that with prior approval of the deputy director,  any such association may borrow without limitation on such terms and conditions as may be required by the lender. No action of an insured institution in obtaining funds through borrowing,  in accordance with this section,  shall be deemed a violation hereof if its aggregate borrowings exceed the limitation of this section because of a subsequent reduction in the amounts paid in and credited on accounts. B. A debt incurred by the association in violation of this section is not invalid or illegal as to the rights of the lender.
AZ Rev Stat § 6-405.01 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-405.01 - Capital notes and debentures

6-405.01.  Capital notes and debentures A. With prior approval of the deputy director,  an association may issue and sell its capital notes or debentures. B. Capital notes and debentures legally issued by an association may be converted into shares of guaranty capital in accordance with such provision therefor as may be made in such capital notes and debentures with prior approval of the deputy director. C. Capital notes and debentures shall be an unsecured indebtedness of the association and shall be subordinate to the claims of depositors,  account holders and all other creditors of the association,  regardless of whether the claims of depositors,  account holders or other creditors arose before or after the issuance of such debentures or capital notes. In the event of liquidation,  all depositors,  account holders and other creditors of the association shall be entitled to be paid in full before any payment shall be made on account of principal or interest on such capital notes or debentures. No payment shall at any time be made on account of the principal thereof if the payment is prohibited by regulation of the insurance corporation. D. Subject to a requirement in the articles of incorporation of the association,  or an amendment thereto,  and if authorized by the deputy director,  convertible capital notes and debentures may be issued without offer thereof to existing stockholders. E. The amounts of outstanding capital notes and debentures legally issued by any association shall be treated as if guaranty capital.
AZ Rev Stat § 6-406 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-406 - Incidental powers

6-406.  Incidental powers An association also shall have any power conferred on a corporation by the general corporation laws of the state,  and any power not prohibited by law,  which is reasonably incident to the accomplishment of the express powers conferred upon the association by this chapter.
AZ Rev Stat § 6-407 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-407 - Applicants and initial capital

6-407.  Applicants and initial capital A. Any five or more adult individuals,  residents of this state,  may apply for a permit to organize an association under this article. The minimum initial capital which an association must have shall be determined by the deputy director,  but in no event shall it be less than the amount determined by the following table,  based on the population of the community in which the association's business office is to be located:  Population Minimum  More than Not more than capital  00 10, 000 $ 50, 000.00  10, 000 50, 000 100, 000.00  50, 000 ------ 200, 000.00 B. If the association's business office is to be located in an unincorporated area more than five miles from the limits of any community,  then the required minimum capital shall be that for a community of ten thousand population or less;  otherwise,  the required capital shall be that of the community to which it is adjacent,  or if near several communities,  that of the community with the highest population classification in the above schedule. Minimum capital to be paid in may consist of withdrawable capital and guaranty capital as provided in this chapter. If the capital of the association to be organized includes guaranty capital,  the amount of minimum initial guaranty capital shall not be less than $50, 000,  and not less than $100, 000 if the association is to be located in a county with more than seventy-five thousand population.
AZ Rev Stat § 6-408 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-408 - Application for permit to organize

6-408.  Application for permit to organize The application for a permit to organize an association shall be addressed to the deputy director in such form as the deputy director shall provide,  be in duplicate,  be personally signed by each applicant and be verified under oath by each applicant. The applicants shall submit with their application statements,  exhibits,  maps and other data,  which shall be sufficiently detailed and comprehensive to enable the deputy director to pass on the application.
AZ Rev Stat § 6-409 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-409 - Findings and hearings

6-409.  Findings and hearings If the deputy director does not deny the application on the basis of the data submitted by the applicants and any other information in the deputy director's possession,  the applicants shall publish a notice of intention to organize in such form as the deputy director shall prescribe. The deputy director may hear evidence to determine the deputy director's findings at any time prior to the issuance of a permit to organize.
AZ Rev Stat § 6-410 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-410 - Deputy director's approval and issuance of permit to organize

6-410.  Deputy director's approval and issuance of permit to organize The deputy director shall not approve the application and issue a permit to organize unless the deputy director finds: 1. A need exists for an association,  and that the public convenience and advantage will be promoted by the proposed association,  in the community or area of operation stated in the application. 2. The proposed capital meets the requirements of this chapter. 3. The general character of the proposed management is such as to assure reasonable probability of the success of the association. 4. The name of the proposed association is not the same as,  or deceptively similar to,  the name of any other association or bank in the community or area of operation. 5. Such association can be established without undue injury to properly conducted existing associations.
AZ Rev Stat § 6-411 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-411 - Subscription to capital and temporary organization

6-411.  Subscription to capital and temporary organization On receipt of the permit to organize an association,  the applicants shall constitute the organization committee and shall perfect a temporary organization by electing a chairman,  vice chairman,  and a secretary,  who shall act as the temporary officers of such association until their successors are duly elected and qualified. Such temporary officers shall proceed to: 1. Secure subscriptions for the required amount of capital in form and manner approved by the deputy director. 2. Call a meeting of subscribers,  who shall adopt articles of incorporation and elect directors to serve until the first annual meeting of the association and until their successors are elected and qualified. 3. The directors so elected shall proceed to: (a) Organize as a board and qualify as directors. (b) Adopt by-laws. (c) Elect officers pursuant to the by-laws. (d) Collect subscriptions to the required capital,  but only after the persons designated to collect such subscriptions have been bonded as provided in section 6-420. (e) Take such other action as may be necessary to complete the organization. (f) Report the completion of the organization to the deputy director. Unless such report is made to the deputy director within six months after the date of the permit to organize,  the permit shall be deemed revoked and any subscriptions collected shall be refunded unless the deputy director,  on good cause shown,  shall extend the time for filing such report for a fixed period which shall not exceed three months.
AZ Rev Stat § 6-412 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-412 - Completion of organization

6-412.  Completion of organization A. If the board of directors has organized as provided in this chapter and the report of such organization has been filed with the deputy director,  the deputy director shall make a thorough examination into the affairs of the proposed association,  and if the deputy director approves the articles of incorporation and is satisfied that all the requirements of this chapter have been complied with,  and that no intervening circumstance has occurred to change the deputy director's findings made pursuant to this chapter,  on payment into the deputy director's office of the fees for such examination,  the deputy director shall issue a certificate authorizing the filing of the articles of incorporation with the corporation commission and the taking of the other steps required by title 10,  to complete the formation of a corporation. On the appointment of a statutory agent and the issuance of a certificate of incorporation by the corporation commission and the payment into escrow with a responsible corporate escrow agent approved by the deputy director of the amount of the initial capital required by this chapter,  the deputy director shall issue a permit conditioned on the association securing within twelve months after the date of the permit insurance of its insurable accounts by an insurance corporation and the rules and regulations of the corporation. B. Unless such insurance is secured within the period the permit shall be deemed revoked unless the deputy director,  on good cause shown,  shall extend the time for securing such insurance for a single fixed period that shall not exceed six months. The association shall not operate as a savings and loan association under the laws of this state or transact any other business than that necessary to secure such insurance until it has secured such insurance. If such insurance is not secured within the time provided by this chapter or as extended by the deputy director,  all amounts collected as subscriptions to the required capital shall be returned to the subscribers without reduction.
AZ Rev Stat § 6-413 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-413 - Contents of articles of incorporation

6-413.  Contents of articles of incorporation A. The articles of incorporation shall set forth: 1. The name of the association. 2. The location of the principal place of business. 3. The general nature of the business to be transacted. 4. The authorization,  if any,  to issue withdrawable shares,  the aggregate amount of which may be unlimited. 5. The authorization,  if any,  to issue guaranty shares,  the aggregate number thereof,  and the par value per share,  if any. 6. The date of the annual meeting of the members,  which shall not be more than one hundred fifty days after the close of the association's fiscal year. 7. The quorum required for action of members if a quorum other than specified in this chapter is desired. 8. The names,  residences and post-office addresses of the incorporators,  who shall be the individuals who made and filed with the deputy director the application for a permit to organize. 9. The time of commencement and termination of the association,  which shall be governed by the general corporation laws of the state,  with the right of renewal of existence. 10. By what officers the affairs of the association are to be conducted and the time of their election. The number of directors shall not be less than five nor more than twenty-five. 11. The highest amount of indebtedness or liability,  direct or contingent,  to which the association may at any time subject itself which shall not exceed one-half of the accounts and paid-in guaranty stock without prior approval of the deputy director. 12. That the private property of the shareholders is exempt from the debts and obligations of the association. 13. Any other provision not inconsistent with law,  which the subscribers may desire for the internal regulation of the affairs of the association. 14. The articles need not set forth any of the powers that this chapter confers. B. The articles of incorporation may: 1. Provide that the guaranty shares be divided into different kinds or classes. 2. Define the designations,  preferences,  rights and limitations of each kind or class. 3. Define the voting rights of the different types of members. 4. Restrict the power to vote to holders of guaranty shares or to one or more kinds or classes of guaranty shares.
AZ Rev Stat § 6-414 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-414 - Members

6-414.  Members A. The membership of an association shall consist of: 1. Every holder of an account or one or more shares of guaranty capital issued by the association. 2. Every borrower from the association,  as long as his loan remains unpaid and he remains liable to the association for the payment thereof,  and every obligor of an investment made by the association. Each of such members shall be known as a borrowing member. B. Each joint ownership and each joint obligation shall constitute one membership.