reglab/statecodes huggingface dataset:
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-463 - Conversion from federal to state association

6-463.
Conversion from federal to state association
A. Any federal association may become an association operating under this chapter,  pursuant to the laws and regulations of the United States and in accordance with the following procedure:
1. The board of directors shall by a majority vote of all the directors adopt by resolution a plan of conversion which shall set forth among other terms:
(a) A financial statement of the association as of the last business day of the month preceding the adoption of the plan.
(b) The disposition of the withdrawable value of all accounts,  general and other reserves and surplus.
(c) The disposition of any obligation or liabilities.
(d) The disposition of the assets of the association.
2. Such plan and resolution shall be submitted to the deputy director at least fifteen days prior to the members' meeting at which action of the members is to be taken. If the deputy director,  after appropriate examination,  finds that the association complies sufficiently with the requirements of this chapter to entitle it to become an association operating under this chapter,  the deputy director shall approve the plan of conversion. The deputy director may prescribe terms and conditions,  to be fulfilled either prior to or after the conversion,  to cause the association to conform with the requirements of this chapter.
3. After receipt of the deputy director's approval,  the plan of conversion may be submitted at an annual or special meeting of the members. The plan will be adopted on receiving,  in the affirmative,  fifty-one percent or more of the total number of votes that all members of the association are entitled to cast. Thereupon,  such action shall be taken by the members to adopt articles of incorporation,  to elect directors,  to adopt bylaws,  and to elect officers,  as is prescribed for a new association in article 2 of this chapter. A report of proceedings at such meeting,  certified by the president or a vice president and attested by the secretary,  shall be filed promptly with the deputy director.
4. If the deputy director finds that such proceedings have been in accordance with this section,  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 issuance of a certificate of incorporation by the corporation commission,  the deputy director shall issue a certificate of conversion.
5. The expenses of any examination made by or at the direction of the deputy director in connection with the conversion shall be paid by the converting association as a fee for special examination as authorized by section 6-125.
B. The conversion shall be effective on the compliance with the laws and regulations of the United States and the provisions of this section.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-464 - Effect of conversion

6-464.
Effect of conversion
When an association effects a conversion in accordance with either of the two preceding sections,  the corporate functions of such association shall not be interrupted;  but the identity of the association under a new name and new jurisdiction shall continue,  together with all of the obligations and liabilities of the association with such revision of the corporate structure as may have been authorized;  and all of its rights and interests in and to every kind of property,  real,  personal or mixed,  shall continue without the necessity of a deed or other transfer. Any reference to the association before conversion,  contained in any writing,  whether executed or effective before or after the conversion,  shall be deemed a reference also to the association after conversion,  if not inconsistent with the other provisions of such writing. No pending action or other judicial proceeding to which the association is a party shall be abated or discontinued by reason of such conversion,  but the same may be prosecuted to final judgment,  order,  or decree in the same manner as if such conversion had not occurred.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-466 - Effect of merger

6-466.
Effect of merger
A. The continuing association or corporation shall be considered the same business and corporate entity as each merging association or corporation,  with all of the property,  rights,  powers,  duties,  and obligations of each merging association or corporation,  except as otherwise provided by the articles of incorporation of the continuing association or corporation.
B. All liabilities of each of the merging associations or corporations are liabilities of the continuing association or corporation. All of the rights,  franchises,  and interests of each of the merging associations or corporations in and to every kind of property,  real,  personal or mixed,  shall vest automatically in the continuing association or corporation,  without any deed or other transfer.
C. Any reference to a merging association or corporation in any writing,  whether executed or effective before or after the merger,  shall be deemed a reference to the continuing association or corporation,  if not inconsistent with the other provisions of such writing.
D. No pending action or other judicial proceeding to which any merging association or corporation is a party shall be abated or discontinued by reason of the merger,  but may be prosecuted to final judgment,  order or decree in the same manner as if the merger had not occurred.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-468 - Decision to liquidate; adoption of plan

6-468.
Decision to liquidate;  adoption of plan
A. At any annual or special meeting of the members,  the members may vote to liquidate the association,  and may adopt a plan of liquidation that has been approved by the board of directors,  or proposed by one or more shareholders,  or submitted by the deputy director or may elect a committee of three persons to prepare and submit a plan,  and thereafter may adopt such plan. No plan except one submitted by the deputy director shall be adopted unless it has been filed with the deputy director at least ten days before the vote of the members is taken thereon.
B. A plan will be adopted on receiving in the affirmative two-thirds or more of the total number of votes that all members of the association are entitled to cast.
C. The plan of voluntary liquidation shall provide for the full liquidation of the association,  setting forth the powers,  duties,  manner of filling vacancies,  and succession of the liquidators and authorizing them to:
1. Advance funds of the association to preserve,  protect,  or purchase at any sale any asset in which the association has an interest.
2. Sell,  convey,  lease,  mortgage,  or exchange any assets for other assets.
3. Sell and dispose of any assets at public sale to the highest and best bidder or at private sale for the highest price obtainable.
4. Accept withdrawable capital of the association to apply on the purchase price of any assets,  but only for such relative values as may be approved by the deputy director from time to time. Notice by single publication or by mailing,  stating the time,  place and terms of the sale,  shall be given to all holders of withdrawable capital prior to the sale.
5. Pay out of the proceeds of liquidation all expenses and services necessary to the liquidation,  and also compensation of the liquidators. Compensation of the liquidators,  exclusive of compensation for legal services and other specialized employment,  shall not exceed in the aggregate three percent of the proceeds of liquidation.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-469 - Election of liquidators; report; supervision

6-469.
Election of liquidators;  report;  supervision
A. On adoption of a plan of voluntary liquidation,  the members shall proceed to elect,  with cumulative voting allowed as in elections of directors,  not more than three liquidators,  who shall have full power to execute the plan. The procedure thereafter shall be as follows:
1. A report of proceedings at the meeting of members,  certified by the presiding officer of the meeting and attested by the secretary of the meeting,  and setting forth the notice given and time of mailing thereof,  the vote on the plan of voluntary liquidation,  the total number of votes that all members of the association were entitled to cast thereon,  and the names of the liquidators elected,  shall be filed in triplicate with the deputy director,  together with the plan.
2. If the deputy director finds that the plan and proceedings are in accordance with this article,  that the bonds of the liquidators are sufficient,  and that the plan is not unfair to any person affected,  the deputy director shall attach the deputy director's certificate of approval to the plan and shall forward one copy to the liquidators,  and in the case of an insured association,  one copy to the insurance corporation.
3. The expenses of any examination made by or at the direction of the deputy director in connection with any voluntary dissolution shall be paid as a claim by the liquidators in accordance with the fees fixed for special examinations by section 6-125.
4. The plan shall become effective on filing with the corporation commission of the deputy director's certificate of approval.
B. The liquidation of the association shall be subject to the supervision and examination of the deputy director.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-470 - Protection and liquidation of assets

6-470.
Protection and liquidation of assets
The liquidators are authorized to advance funds of the association and to take such other action as is advisable to preserve,  protect,  or purchase at any sale any real estate or other asset upon which the association may hold any lien or encumbrance or in which it may have an interest. The liquidators may sell,  convey,  lease,  mortgage or exchange any assets so purchased or other assets;  and in furtherance of the liquidation of the association,  may sell and dispose of any of its assets at public sale to the highest and best bidder;  or may sell any such assets at private sale for the highest price obtainable. No purchaser shall be required to ascertain the application of the purchase price.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-471 - Filing and payment of claims

6-471.
Filing and payment of claims
A. The liquidators shall fix a time for all persons having claims against the association,  other than as members thereof,  to present such claims,  and shall cause notice to be published,  requiring all persons to present the claims on or before such date,  and within five days after the first publication shall mail a copy of such notice to each person whose name appears on the association's records as having a claim. Each claim shall be in writing and verified by the claimant or a duly authorized agent. A claim may be presented at any time on or before the date fixed in the published notice,  but any claim not so presented shall be barred. Upon the disallowance of any claim,  the liquidators immediately shall notify the claimant of such fact,  and the claimant may institute suit to establish such claim at any time before the final distribution.
B. Whether a member files or does not file a claim with respect to an interest which he has as such member,  the liquidators shall determine from the records of the association the amount of such member's claim. Any such member may examine the association's records pertaining to his own claim. The records of the association shall be prima facie evidence of each such claim or interest,  and no member shall be entitled to a greater claim or proportionate interest in the association unless and until the liquidators shall have agreed to a correction of the records pertaining to such claim or interest,  or shall be ordered to correct such records by a court of competent jurisdiction. The liquidators shall require all members to present their certificates or account books for verification and endorsement upon payment of any liquidating dividend or distribution;  and upon final distribution,  such certificates or account books shall be surrendered to the liquidators.
C. Claims having a preference in law shall be given preference in payment;  except that no payment of less than ten dollars need be made until final distribution. No distribution shall be made on claims for withdrawable capital until such preferred claims have been paid or provided for in full,  or during the pendency of any suit unless sufficient funds are segregated to pay any judgment which may be rendered in such suit. Ratable payments and distributions on withdrawable capital may be made at any time after the time fixed for the presentment and allowance of claims has elapsed. Holders of guaranty capital,  if any,  shall participate in the liquidation of the remaining assets after payment or provision for payment has been made in full to all creditors,  holders of withdrawable capital,  and any claims which the holders may have in the balance of any segregated reserves. Final distribution shall be made in accordance with section 6-472.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-472 - Final distribution and dissolution

6-472.
Final distribution and dissolution
When all assets have been liquidated and all expenses,  claims and holders of withdrawable capital have been paid,  dissolution of the association shall be accomplished in the following manner:
1. The liquidators shall file with the deputy director the duly verified final report of their acts and proposed final distribution.
2. On the deputy director's approval of the final report,  the liquidators shall publish notice of the proposed final distribution and shall allow any holder of shares of guaranty capital to examine the records of the association to ascertain the holder's proper share of such distribution. Any such shareholder who fails to commence,  before the date fixed for final distribution,  appropriate judicial proceedings to contest such distribution,  shall be barred from contesting the same thereafter. The liquidators shall proceed to make final distribution on the date fixed therefor,  except that such distribution shall be deferred until final disposition of any pending judicial action affecting the distribution,  and payment,  of any judgment entered therein.
3. When final distribution has been made,  except as to any money due to,  but unclaimed by,  any creditor,  member,  or other person,  the liquidators shall deposit such unclaimed money with the deputy director,  for payment to the person or persons entitled thereto on application and proof of right as provided by law.
4. The liquidators also shall deliver to the deputy director all books of account and other records of the association,  for preservation for at least two years and destruction thereafter as provided by law.
5. On completion of the foregoing procedure,  the liquidators shall be discharged. The deputy director thereupon shall issue a certificate of dissolution of the association and shall file a copy thereof with the corporation commission and record a copy in the office of the county recorder of each county in which the original articles of incorporation were recorded. On such filing and recording,  the dissolution shall be effective. No fees shall be required for such filing and recording.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-474 - Accounting practices and records

6-474.
Accounting practices and records
A. Every association shall maintain in this state a detailed record of all transactions of the association at its home office,  or at a branch office or at a central accounting or computer center servicing one or more associations,  provided that general accounting records and their maintenance shall not be transferred by an association from its home office to a branch office,  or from a branch office to its home office or to another branch office or to a central accounting or computer center,  unless and until:
1. The board of directors of the association has by resolution authorized such transfer and maintenance.
2. The association has sent a certified copy of the resolution required by paragraph 1 of this subsection to the deputy director.
B. Each branch office shall keep detailed records of all transactions at such branch office and shall furnish full control records to the home office,  or such branch office or central accounting or computer center as has been designated by appropriate resolution of the board of directors adopted and filed as provided in subsection A of this section.
C. Every association shall observe such generally accepted accounting principles and practices as are approved by the deputy director.
D. An association by any system of accounting or any device of bookkeeping,  either directly or indirectly,  shall not enter any of its assets on its books in the name of any other person,  partnership,  association or corporation,  or under any title or designation that is not truly descriptive of the assets.
E. The deputy director may order that assets in the aggregate,  to the extent that the assets have depreciated in value,  be charged off or that a special reserve or reserves equal to such depreciation in value be set up by transfers from undivided profits.
F. Except notes secured by first lien mortgages insured or guaranteed,  wholly or in part,  by an agency of the United States government,  all bonds or other interest bearing obligations purchased by the association shall be carried at par with provision for amortization of premiums and discounts.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-475 - Branch office

6-475.
Branch office
A. A branch office is a legally established place of business of the association,  other than the home office,  authorized by the board of directors and approved by the deputy director,  at which payments on,  and withdrawal from,  accounts and loan payments may be accepted and applications for loans may be received,  and at which account books and membership certificates may be issued and loans may be closed.
B. Each association shall be operated from the home office,  which shall be the association's principal place of business. All branch offices shall be subject to direction from the home office.
C. An association may establish or acquire a branch office in any location,  whether within or outside this state,  with the approval of the deputy director. An association shall make an application for establishment or acquisition of a branch office in writing in the form the deputy director prescribes and supported by the information,  data and records the deputy director requires to make the findings necessary for approval. Each application for approval of the establishment and maintenance of a branch office shall state the proposed location of the branch office,  the need for the branch office,  the functions to be performed in the branch office,  the estimated annual expense of the branch office,  and the mode of payment for the branch office. Each such application shall be accompanied by a budget of the association for the current dividend period and for the next succeeding semiannual period,  which reflects the estimated additional expense of the maintenance of such a branch office. The deputy director shall approve the application if the deputy director finds that the prospects for a successful operation of the branch office are favorable.
D. An association shall not establish or maintain an automated teller machine without the prior written approval of the deputy director. An association shall accompany each application for approval of the establishment and maintenance of an automated teller machine with the fee prescribed by section 6-126. The application shall state the proposed location of the automated teller machine,  the need for the automated teller machine,  the functions to be performed by the automated teller machine,  the estimated annual expense of the automated teller machine and the mode of payment by the automated teller machine. The deputy director shall approve the application if the deputy director finds that the prospects for a successful operation of the automated teller machine are favorable.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-476 - Examination

6-476.
Examination
The deputy director shall make a report of each examination to the board of directors of the association examined,  and if the affairs of the association are not being conducted in accordance with this chapter,  the deputy director may require the directors,  officers,  or employees to take any necessary corrective action. In the interests of the members of the association,  the deputy director may prepare a statement of the condition of the association,  and may mail the same to the members or may require a single publication thereof.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-477 - Audit by public accountant

6-477.
Audit by public accountant
An audit of the affairs of the association shall be made annually as of the end of its fiscal year by or under the direction of the board of directors. The deputy director may prescribe certain minimum requirements of the audit and shall require the filing of a copy of the report covering the audit with the deputy director. The audit shall be filed with the deputy director not more than one hundred twenty days after the end of the association's fiscal year,  unless the deputy director extends the time period for good cause shown. The audit is not a substitute for or in lieu of the examination by the deputy director required by section 6-122.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-478 - Reports to deputy director and members

6-478.
Reports to deputy director and members
A. Every association operating under this chapter shall file with the deputy director within sixty days following the close of each fiscal year of such association,  a statement showing its financial condition at the close of the fiscal year and its operations for the year then ended. Each such statement shall be on forms prescribed by the deputy director and in conformity with generally accepted accounting principles,  and shall be verified under oath by the secretary and certified by a committee of three or more members who are not officers of the association,  or by a licensed certified public accountant appointed by the board of directors,  or by two officers of the association.
B. Every association shall file also such other reports as the deputy director may require from time to time.
C. Within sixty days after the date of such statement,  the association either shall mail to each member the annual statement of condition,  or a condensed form thereof approved by the deputy director,  or shall publish the same at least once.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-479 - Information to federal authorities

6-479.
Information to federal authorities
The deputy director may give copies of reports of the deputy director's examinations of an association,  and copies of the association's reports to the deputy director,  and any other information that the deputy director has concerning the association,  to the federal home loan bank,  or its successor instrumentality,  of which the association is a member,  or to the insurance corporation that has insured the association's capital. No such action by the deputy director shall relieve the association from compliance with any requirements of such federal instrumentality concerning examinations or reports,  or limit the deputy director's powers to examine or to require reports from the association.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-482 - Receiver; appointment; transfer of assets; powers; liability

6-482.
Receiver;  appointment;  transfer of assets;  powers;  liability
A. If the court grants a petition for receivership filed by the deputy director,  the deputy director shall be appointed as receiver and may forthwith take possession of the property and business of the association and retain possession until the association resumes business or its affairs are finally liquidated,  but if the association has the insurance protection provided by title IV of the national housing act,  as now or hereinafter amended,  the court may tender to the federal deposit insurance corporation the appointment as receiver,  or as co-receiver with the deputy director.
B. On the acceptance by the insurance corporation of the appointment as receiver or co-receiver,  possession of and title to all the assets,  property and business of the insured association shall automatically pass to and be vested in the insurance corporation as receiver,  or in the insurance corporation and the deputy director jointly as co-receivers,  as the case may be. The insurance corporation,  if it is receiver,  or the insurance corporation and the deputy director equally and jointly,  if the insurance corporation is co-receiver,  shall have and possess,  and may exercise:
1. All the powers and privileges provided by the laws of this state or otherwise with respect to the deputy director as receiver of a savings and loan association.
2. Accumulatively and additionally to each of the foregoing,  all of the rights,  powers,  privileges and authority that were held or possessed by the association and its officers,  directors,  members and creditors.
3. All the rights,  privileges,  powers and authority conferred on or vested in it,  or intended so to be,  by federal statutes.
C. The receiver or receivers may also make loans on the security of,  or may purchase at public or private sale or otherwise,  bid at any receiver's or liquidator's sale,  and liquidate or sell,  all or any part of the assets of the insured association,  and,  in the event of the purchase of any assets of an association of which it is receiver or co-receiver,  it shall bid for and pay a fair and reasonable price.
D. Except as otherwise in writing specifically agreed by the receiver or receivers,  no transaction,  contract,  undertaking or agreement,  and no exercise by the receiver or receivers,  or either of them,  of any of the rights,  powers,  privileges or authority by this article or otherwise vested in them as receivers,  or with respect to any receivership or liquidation,  shall constitute a personal debt,  obligation or liability of or on the part of the receiver or receivers or either of them.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-483 - Procedure for liquidation; rights of share transferor

6-483.
Procedure for liquidation;  rights of share transferor
A. The liquidation under this article of an association,  and a receivership thereof,  may,  at the discretion of the receiver or receivers,  be conducted and carried out in full or in part in the same manner as provided in this title for the liquidation of or receivership for an insolvent bank.
B. Regardless of whether the federal deposit insurance corporation serves as receiver or co-receiver of any insured association,  when it pays or makes available for payment the liabilities of the insured association in receivership which are insured by it,  it shall,  upon the surrender and transfer to it of any account or investment certificate insured by it,  be subrogated with respect to the account or investment certificate. The surrender and transfer of the account or investment certificate,  however,  shall not affect any right which the transferor thereof may have in any portion of the account or investment certificate which is uninsured,  or any right to participate in the distribution of the net proceeds remaining from the disposition of the assets of the insured association,  but if different provisions from the foregoing provisions of this and the preceding sentence would be applicable if the association were a federal savings and loan association,  then the provisions shall be applicable under the laws of this state to the extent that they can validly be made so applicable. In any event the rights of the holders of accounts or investment certificates of the insured association shall be determined in accordance with the applicable provisions of the laws of this state.
C. The procedure provided for in this article for the liquidation of savings and loan associations shall be exclusive,  and no receiver shall be appointed by any court of this state to take charge of the affairs of an association except as provided in this article.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-484 - Illegal use of name; classification

6-484.
Illegal use of name;  classification
No person shall use the name " building and loan company" ,  " building and loan association" ,  " savings and loan company" ,  or " savings and loan association"  unless complying with the provisions of this title. A person using a name embodying any combination of the words " building and loan association"  or " savings and loan association" ,  or acting as agent for that person,  is guilty of a class 2 misdemeanor,  unless complying with the provisions of this title.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-486 - Rehabilitation of associations; definition

6-486.
Rehabilitation of associations;  definition
A. If the business,  property and affairs of any association are in the possession of the deputy director for liquidation,  or if an association is in an unsafe or unsound condition,  the association may be rehabilitated,  readjusted or reorganized in accordance with any plan proposed and approved as provided in this article.
B. Without limiting the generality of the foregoing provisions of this article,  a plan may provide in respect to all or any part of the business,  property or affairs of the association for any one or more of the following:
1. The retention thereof by the deputy director as a conservator,  if the business,  property or affairs are in the deputy director's possession for liquidation.
2. The delivery thereof to the deputy director as a conservator,  or for liquidation.
3. The transfer thereof to any person or to a trustee.
C. For the purposes of this article,  " plan"  means a plan for the rehabilitation,  readjustment or reorganization of an association or for the readjustment,  modification or reorganization of the rights or interests of any or all of the investors and creditors of,  or other persons,  interested in the association.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-487 - Proposal of plan; petition; notice of hearing

6-487.
Proposal of plan;  petition;  notice of hearing
A. A plan may be proposed by the deputy director or by an association subject to the approval of the deputy director. If proposed by an association,  the proposal shall be through its board of directors,  or by the holders of accounts equal in amount to not less than fifty percent of the total accounts of the association,  or by the holders of not less than a majority of the outstanding shares of guaranty capital of the association,  if any.
B. The plan shall be presented by the proponents to the superior court of the county in which the principal place of business of the association is located,  with a petition that the court determine the fairness of the plan and the conditions requisite to the plan becoming operative. The petition shall set forth the plan and the fact that it has been proposed or approved by the deputy director and any other facts that are deemed material to a consideration of the fairness of the plan.
C. On filing the petition,  the court shall fix the time and place for hearing it,  and shall direct the association to deliver to the proponents,  or,  in the discretion of the court,  to the deputy director,  a list of the names and addresses of the holders of accounts,  holders of shares of guaranty capital,  if any,  creditors of the association,  and of all other persons affected by the plan,  and the association shall comply with the direction.
D. Thereafter the proponents of the plan,  not less than twenty days before the date fixed for the hearing,  shall mail or cause to be mailed to each of the persons shown on the list furnished pursuant to direction of the court and to all other persons affected by the plan notice of the time and place fixed by the court for the hearing and either a copy of the plan or a summary thereof. Any summary shall be prepared or approved by the deputy director. The notices shall be mailed,  postage prepaid,  to the respective addresses as shown on the list,  or if no address is there shown,  to the last known available address. The proponents of the plan shall also post notice of the time and place fixed for the hearing in three public places in the county not less than twenty days before the day fixed for the hearing and shall publish the notice at least once in a newspaper of general circulation published in the county not less than twenty nor more than thirty days prior to the day fixed for the hearing.
E. A copy of the plan shall be kept by the deputy director available for public inspection,  and the deputy director shall take other steps as the deputy director deems necessary for making the plan and all notices and facts in connection therewith available to the interested parties.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-488 - Hearing; fairness of plan

6-488.
Hearing;  fairness of plan
A. At the time and place fixed for the hearing,  or at the time and place to which the hearing may be continued by the court,  the court shall hear the parties interested therein and,  if it deems it necessary,  may take testimony relative thereto and may accept proof in affidavit form as to any fact or circumstance material thereto. The hearing shall be conducted,  among other things,  on the fairness of the terms and conditions of the issuance of all securities to be issued pursuant to the plan and of the exchange thereof for outstanding shares of guaranty capital,  accounts,  claims or property interests,  or partly in the exchange and partly for cash. All persons to whom it is proposed to issue securities in the exchange shall have the right to appear and be heard at the hearing.
B. The deputy director or the court shall not approve a plan unless the deputy director or the court is satisfied that the plan is feasible,  fair and equitable and does not discriminate in favor of any class of holders of accounts or of shares of guaranty capital,  creditors or other persons affected thereby.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-489 - Consents required for plan to operate; exceptions

6-489.
Consents required for plan to operate;  exceptions
A. After completion of the hearing provided by section 6-488,  the court shall approve,  modify or disapprove the plan. The plan shall not become operative unless and until it has been approved in its original or modified form by the court,  nor unless and until the plan has been consented to,  either in person or by a duly appointed agent,  attorney or committee of the following persons:
1. If the association has shares of guaranty capital outstanding,  then by the holders of a majority of the outstanding shares of guaranty capital.
2. By the holders of two-thirds in amount of the total accounts of all classes of the association.
3. If the association has creditors,  then by two-thirds of each class of creditors of the association.
4. By two-thirds in amount of each class of other persons,  if any,  affected by the plan.
B. Consents required by subsection A of this section are not required:
1. In the case of the holder of an account,  creditor or other person affected,  or of any class of holders of accounts,  creditors or other persons affected,  if the rights of the person or class are not materially affected by the plan,  or if the plan provides for the payment in cash of the amount of the right or interest of such person or class.
2. From holders of shares of guaranty capital of an association if the value of the assets of the association is less than the liabilities thereof,  including the total amount of all outstanding accounts but excluding the amount of the outstanding shares of guaranty capital,  or if the business property and affairs of the association are then in the possession of the deputy director.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-490 - Time of giving consents; jurisdiction of court

6-490.
Time of giving consents;  jurisdiction of court
A. The consents required by section 6-489 may be given before the plan is presented to the court,  or after the presentation and before the court has approved it,  or after approval. If,  at the time the plan is approved by the court,  the required consents have not been given,  the order of court may provide that on satisfactory proof of the fact that the required consents have been given,  a further order may be entered ex parte providing that the plan shall become operative which shall be binding on the deputy director,  the association,  all holders of accounts and of shares of guaranty capital,  creditors,  and all other persons affected thereby.
B. The superior court in which the petition is pending is given jurisdiction to determine all questions required to be determined in respect to any plan including,  without limiting the generality of the foregoing,  the following:
1. Whether a plan,  either in its original or modified form,  is fair and equitable.
2. Whether it discriminates in favor of any class of holders of accounts,  creditors or other persons affected thereby.
3. Whether it is feasible.
4. Whether the terms and conditions of the proposed issuance and exchange of securities thereunder are fair and to approve or disapprove the terms and conditions.
5. The total liabilities of the association.
6. The conditions requisite to the plan becoming operative,  including jurisdiction to determine,  for the purposes of the plan and the consents,  the division of the creditors and other persons affected by the plan into classes according to the nature of their respective claims and interests.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-491 - Effect of approval and consents

6-491.
Effect of approval and consents
A. When a plan has been approved by the court and the required consents given,  the plan shall be binding on the deputy director,  the association,  the holders of accounts and shares of guaranty capital,  and creditors of the association and all other persons affected thereby,  and the association and such persons shall be conclusively deemed to have consented to the terms and conditions of the plan whether or not all of the persons have actually consented thereto and whether or not all of them have received notice of the plan or the hearing. Such steps shall be taken by the deputy director,  the association and all other persons affected by the plan,  and all acts shall be done,  all instruments executed and all securities issued,  as may be required by the plan so approved and as may be necessary or desirable for consummation of the plan.
B. The deputy director shall supervise and direct,  subject to the order of the court,  the consummation of the plan. The deputy director shall have and may exercise the same authority and power with respect to the business,  property or affairs of an association retained by or delivered to the deputy director pursuant to any plan that the deputy director may have with respect to the business,  property and affairs of any association of which the deputy director has taken possession. The deputy director shall have and may exercise the same authority and power with respect to an association formed pursuant to any plan,  or to which the business,  property or affairs may be returned or transferred pursuant to any plan,  as the deputy director would have of the association if it had been formed or had acquired its business,  property and affairs by means other than a plan.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-492 - Appeals

6-492.
Appeals
A. An appeal from an order of the superior court approving a plan shall not be effectual for any purpose,  unless within thirty days after the entry of the order the appellant files with the clerk of the court a bond with a surety company authorized by law to transact business in this state as surety thereon to the effect that the appellant,  in the event the order is affirmed on appeal,  will pay all costs and expenses,  including attorneys' fees,  arising from the appeal,  and also all losses and damages to the holders of accounts and shares of guaranty capital,  creditors and other persons affected by the plan,  arising from any delay in consummating the plan caused by the appeal. The form and amount of the bond shall be approved by the superior court,  but the bond shall not be for an amount less than one per cent of the total liabilities of the association.
B. Appeals from orders approving plans shall be given preference to other appeals except contested election cases and cases in which the state is a party.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.