reglab/housing_qa huggingface dataset:
AZ Rev Stat § 6-493 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-493 - Securities defined; power to issue under plan

6-493.  Securities defined;  power to issue under plan A. The term " securities" ,  as used in this article in respect to any plan,  includes not only shares of guaranty capital and evidences of accounts issuable by an association under the laws of this state,  but also shares of stock of one or more classes issuable by corporations generally,  and bonds,  notes,  debentures,  evidences of indebtedness,  certificates of interest or participation and collateral trust certificates. B. An association may issue,  pursuant to a plan approved under this article,  any one or more of the above mentioned kinds of securities.
AZ Rev Stat § 6-494 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-494 - Authority of fiduciaries

6-494.  Authority of fiduciaries An executor,  administrator,  guardian,  receiver,  trustee of any kind or nature,  and an insurance company may consent to any plan or exchange any shares of guaranty capital,  accounts,  creditors' claims or other rights or claims for securities issued pursuant to any plan and may continue to hold as a legal investment securities so received.
AZ Rev Stat § 6-495 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-495 - Reservation of powers to legislature

6-495.  Reservation of powers to legislature The legislature shall have power to amend,  repeal,  or modify this chapter,  and such amendments or modifications shall be binding upon any and all associations operating under this chapter.
AZ Rev Stat § 6-496 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-496 - Applicability of other statutes

6-496.  Applicability of other statutes Whenever in any statute the terms " savings and loan" ,  " building and loan" ,  " mutual building and loan" ,  or other similar names are used with reference to associations organized for the purpose of associations incorporated or operating under this chapter,  such reference shall be applicable to associations operating under this chapter. Whenever in any statute the terms " members" ,  " shareholders" ,  or " investors"  are used in connection with such associations,  however named,  the same shall refer to members and holders of capital of associations operating under this chapter.
AZ Rev Stat § 6-497 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-497 - Effect on existing associations

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.
AZ Rev Stat § 6-502 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-502 - Reports and examinations

6-502.  Reports and examinations A. The deputy director shall examine or cause to be examined each credit union at periodic intervals as provided by section 6-122. The deputy director shall forward a report of the examination to the board of directors of the credit union examined within thirty days after completion of the report. Within thirty days after the receipt of the report the directors shall meet to consider matters contained in the report. B. In lieu of the examination required by subsection A of this section,  the deputy director may accept an examination or audit report of the condition of a credit union made by the national credit union administration or by a certified public accountant who is licensed in this state or who has a limited reciprocity privilege pursuant to section 32-725 or other qualified person or organization approved by the deputy director. The credit union shall bear the cost of any such examination or audit. A certified public accountant or other qualified person or organization making an audit to be submitted in lieu of an examination by the deputy director shall obtain prior approval from the deputy director before conducting such an audit. In approving such an audit the deputy director may prescribe minimum requirements for the audit,  including the date by which the audit must be completed and a copy filed with the deputy director. C. Within thirty days after the end of each calendar quarter a credit union shall report to the deputy director,  on forms supplied by the deputy director for that purpose,  its financial condition and the results of its operation for the quarter. D. Unless excused for cause before or after the due date,  a credit union that fails to file a report when due shall pay the department,  as assessed,  up to $100 for each day of delinquency.
AZ Rev Stat § 6-503 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-503 - Accounting and records

6-503.  Accounting and records A. A credit union shall keep and use in its business those books,  accounts and records that will enable the deputy director to readily ascertain the true financial condition of the credit union and whether the credit union is complying with this chapter. B. A credit union and any of its officers,  directors,  employees and agents shall give the deputy director full access to all books,  papers,  securities,  records and other sources of information under their control. All books and records of the credit union shall be maintained at the address of the credit union as filed with the deputy director.
AZ Rev Stat § 6-504 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-504 - Advertising

6-504.  Advertising A credit union shall not make,  advertise,  display,  distribute,  broadcast or televise,  or cause or permit to be made,  advertised,  displayed,  distributed,  broadcast or televised,  in any manner whatever any false,  misleading or deceptive statement or representation.
AZ Rev Stat § 6-505 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-505 - Declaration of purpose

6-505.  Declaration of purpose The purpose of this chapter,  which governs judicial and administrative interpretation and application of this chapter,  is to provide opportunity for credit unions to remain competitive with each other,  with financial institutions existing under other laws of this state and with banking and financial institutions existing under the laws of other states,  the United States and foreign countries.
AZ Rev Stat § 6-506 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-506 - Organization procedure

6-506.  Organization procedure A. Any seven or more residents of this state who are of legal age and who have a common bond of interest or association may apply to the deputy director for permission to organize a credit union under this chapter. B. The incorporators shall prepare,  adopt and execute a certificate of organization and shall agree to comply with the requirements of the certificate and with all of the laws and rules applicable to credit unions. The certificate shall state: 1. The credit union's name and the location of the proposed principal place of business. 2. That the existence of the credit union is perpetual. 3. The names and addresses of the incorporators and the number of shares subscribed to by each. 4. The purpose for which the credit union is formed. C. The incorporators shall prepare,  adopt and execute bylaws consistent with this chapter for the general governance of the credit union. The bylaws,  among other things,  shall provide: 1. The proposed field of membership that shall be limited to groups having a common bond of interest,  occupation or association or to groups within a well-defined neighborhood,  community or rural district consistent with the purposes of the credit union. 2. The par value of shares. 3. The number of directors of the credit union,  which shall not be fewer than five,  all of whom shall be members,  together with the titles of the officers and the number of members of the supervisory committee,  which shall not be fewer than three. 4. The conditions under which shares may be issued,  transferred or withdrawn,  loans may be made and repaid and monies may be otherwise invested. 5. The number of members of the credit committee,  which shall not be fewer than three,  or the authorization of a credit manager. D. The incorporators shall select at least five persons who are eligible for membership and who agree to become members and serve on the board of directors,  and at least three persons who are eligible for membership and who agree to become members and serve on the supervisory committee. The persons selected to serve on the board of directors and the supervisory committee shall execute an agreement to serve in those capacities until the first annual meeting or until the election of their respective successors,  whichever is later. E. The incorporators shall forward to the deputy director such application as is required by the deputy director,  along with the application fee provided for in section 6-126,  the certificate of organization,  the bylaws and the agreements to serve and any additional information which the deputy director may request. F. The incorporators shall not transact any business in the name of the credit union until the certificate of incorporation has been issued by the corporation commission and the application and the bylaws have been approved by the deputy director.
AZ Rev Stat § 6-507 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-507 - Certificate of approval; filing with corporation commission; certificate of incorporation

6-507.  Certificate of approval;  filing with corporation commission;  certificate of incorporation A. The deputy director shall act on the completed application within sixty days. The deputy director shall issue a certificate of approval if the certificate of organization and the bylaws are in conformity with this chapter and the deputy director is satisfied that all of the following are true: 1. The field of membership,  the bylaws and the business plan are favorable to the economic viability of the proposed credit union. 2. The reputation,  character and financial experience of the initial board of directors and supervisory committee provide assurance that the credit union's affairs will be properly administered. 3. The share and deposit accounts of the credit union will be insured by an insuring organization when the credit union commences business. B. On receipt of the deputy director's certificate of approval the incorporators shall file the certificate of organization,  with the certificate of approval attached,  with the corporation commission and record a certified copy of the filing under the seal of the commission with the county recorder of the county or counties in which the credit union is to do business. On proof of the recording,  the corporation commission shall issue a certificate of incorporation to the credit union. The credit union shall forward a certified copy of the certificate of incorporation showing the filing and recording to the deputy director. C. The credit union shall also file with the corporation commission the appointment of an agent on whom service of process may be made. The incorporators shall then be deemed a credit union,  incorporated in accordance with this chapter. D. If a certificate of approval is denied,  the deputy director shall notify the incorporators and set forth the reasons for the denial.
AZ Rev Stat § 6-508 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-508 - Certificate of organization and bylaws

6-508.  Certificate of organization and bylaws A. The deputy director shall prepare standard forms of the certificate of organization and bylaws,  consistent with this chapter,  which may be used by credit union incorporators. B. The board of directors may adopt proposed amendments to the certificate of organization at a duly held meeting. The board of directors shall submit the proposed amendments to the members for ratification at a regular or special meeting,  after which they shall be submitted to the deputy director for the deputy director's approval or disapproval. If approved by the deputy director,  the board of directors shall follow the procedure for organization prescribed in section 6-507,  subsection B. C. The board of directors may adopt proposed amendments to the bylaws at any duly held meeting by a three-fourths majority vote. After proposed amendments have been approved,  the board shall submit the proposed amendments to the deputy director for the deputy director's approval. The amendments are effective on approval of the deputy director. At the next regular or special meeting of the membership the board shall submit all amendments to the bylaws to the members for ratification.
AZ Rev Stat § 6-509 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-509 - Exclusive use of name; exception

6-509.  Exclusive use of name;  exception A. The name of every credit union organized under this chapter shall include the words " credit union" . A credit union shall not adopt a name either identical to the name of any other credit union doing business in this state or so similar as to be misleading or cause confusion. B. It is unlawful for any person to engage in this state in the business of a credit union or to make use of the words " credit union"  or any other words in a manner reasonably calculated to convey the impression that the person is engaged in the business of a credit union in this state,  unless the act is done by or on behalf of a person having authority under this chapter,  except an association of credit unions,  or an organization,  corporation or association whose membership or ownership consists primarily of credit unions or credit union organizations,  may use a name or title containing the words " credit union" . C. A credit union may change its name only on the written authorization of the deputy director.
AZ Rev Stat § 6-510 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-510 - Principal place of business; branch office; automated teller machines

6-510.  Principal place of business;  branch office;  automated teller machines A. A credit union may change its principal place of business or branch within this state with the prior approval of the deputy director and the payment of the fee provided in section 6-126. B. A credit union may establish a branch office with the prior approval of the deputy director. C. A credit union may establish or maintain automated teller machines at locations other than its places of business. The credit union must send a notification letter to the deputy director at least thirty days before the automated teller machine is established pursuant to this subsection. A credit union may join through contractual agreement with one or more other credit unions or other financial organizations in the operation of automated teller machine networks.  D. A credit union organized under this chapter may conduct business in other states or territories of the United States where it is allowed to do so on approval of the deputy director,  if it is reasonably necessary to service its members.
AZ Rev Stat § 6-511 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-511 - Out-of-state credit union

6-511.  Out-of-state credit union A. A credit union organized under the laws of another state or territory of the United States may conduct business as a credit union in this state,  subject to all laws and rules governing the operation of credit unions under this title,  with the prior approval of the deputy director if credit unions organized under this chapter are allowed to do business in such other state or territory under conditions substantially similar to the provisions of this section. Before granting approval,  the deputy director must find that the out-of-state credit union: 1. Is organized under laws substantially similar to this chapter. 2. Is financially solvent. 3. Has account insurance equivalent to that required for credit unions organized under this chapter. 4. Is examined and supervised by a regulatory agency of the state in which it is organized. 5. Needs to conduct business in this state to furnish services to its members in this state. 6. Furnishes the deputy director with a copy of the most recent audit or examination conducted by its regulatory agency. B. In addition to any other powers provided by law,  the deputy director may revoke the approval of such a credit union to conduct business in this state if the deputy director finds that the credit union no longer meets the requirements of subsection A of this section or has violated the laws of this state or rules or orders issued by the deputy director.
AZ Rev Stat § 6-512 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-512 - Fiscal year

6-512.  Fiscal year The fiscal year of each credit union incorporated under this chapter ends on December 31.
AZ Rev Stat § 6-516 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-516 - General powers

6-516.  General powers A. In addition to the powers prescribed elsewhere in this chapter and except as prohibited by law,  a credit union may: 1. Enter into contracts of any nature. 2. Sue or be sued. 3. Adopt,  use and display a corporate seal. 4. Acquire,  lease,  hold,  assign,  pledge,  hypothecate,  sell,  discount or otherwise dispose of property or assets,  either in whole or in part,  necessary or incidental to its operations. 5. Borrow money from any source,  except that a credit union shall obtain the prior written approval of the deputy director to borrow in excess of an aggregate of fifty percent of its capital. 6. Purchase the assets of another credit union. 7. Offer financial services incidental to the business of a credit union,  including electronic fund transfers,  safe deposit boxes and leasing and correspondent arrangements with other financial institutions. 8. Hold membership in other credit unions organized under this chapter or other laws,  in the Arizona credit union league or in other associations and organizations controlled by or fostering the interests of credit unions. 9. Engage in activities and programs offered by any governmental unit that are incidental or reasonably related to credit union activities. 10. Act as fiscal agent for and receive payments on share and deposit accounts from a governmental unit. 11. Make contributions to any nonprofit civic,  charitable or service organizations. B. A credit union may exercise all incidental powers that are convenient,  suitable or necessary to enable it to promote or carry out its purposes. C. A credit union shall not delegate the management of a credit union or the exercise of any power set forth in this section to any person who is not an officer,  director or employee of the credit union without the prior written approval of the deputy director. The deputy director may examine the books,  records and business affairs of any person or entity to whom the credit union proposes to delegate any such authority.
AZ Rev Stat § 6-517 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-517 - Federal parity

6-517.  Federal parity In addition to all other rights,  powers and privileges,  a credit union organized under the laws of this state whose accounts are insured by an insuring organization has all of the rights,  powers and privileges and is entitled to the same exemptions and immunities as any credit union chartered under the laws of the United States.
AZ Rev Stat § 6-521 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-521 - Membership

6-521.  Membership A. The membership of a credit union consists of the incorporators and other persons who are within the field of membership as prescribed in the bylaws,  who have been duly accepted as members,  who have paid any required one-time or periodic membership fee,  or both,  in accordance with any requirements in the bylaws,  and who have complied with the other requirements the certificate of organization and bylaws provide. B. Each member may own only one membership share.
AZ Rev Stat § 6-522 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-522 - Organization members

6-522.  Organization members A. An organization comprised primarily of individuals who are eligible for membership in the credit union,  and a corporation a majority of whose stockholders,  by number,  are such individuals,  may be included in the field of membership. Additionally,  an organization,  one of whose principal functions is to provide services to persons who are eligible for membership in the credit union,  may be admitted to membership. B. A credit union or corporate credit union may accept as a member any other credit union organized under this chapter or any other credit union law.
AZ Rev Stat § 6-523 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-523 - Membership applications

6-523.  Membership applications A. The board of directors shall act on applications for membership or appoint one or more membership officers to approve applications for membership. A person denied membership by a membership officer may appeal the denial to the board of directors. B. A credit union may impose one-time or periodic membership fees under the conditions the bylaws provide.
AZ Rev Stat § 6-524 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-524 - Termination of membership

6-524.  Termination of membership A. A member may withdraw from a credit union at any time on giving notice of withdrawal as required in the bylaws. The credit union may require up to sixty days' notice of the intention to withdraw shares or deposits,  but the notice does not entitle the member to any preferred or prior claim in the event of liquidation. B. A member may be expelled by a two-thirds vote of the members present at any regular meeting or a special meeting of the membership,  but only after the member has had an opportunity to be heard at the meeting,  or the board of directors may expel a member pursuant to a written policy adopted by it. The board shall give all members written notice of the terms of any such policy. A person being considered for expulsion by the board has the right to a hearing before the board. Not less than ten days before the consideration of any expulsion of a member,  whether by action of the membership or of the board,  the affected member shall be provided with a written notice of the potential expulsion and a list of the reasons for the expulsion. C. As monies become available and after deducting all amounts due from the member to the credit union,  the credit union shall pay to the withdrawing or expelled member the amounts paid on shares and deposits by the withdrawing or expelled member,  with any dividends or earnings accredited. Withdrawing or expelled members have no further rights in the credit union but are not released,  by the withdrawal or expulsion,  from any remaining liability to the credit union.