reglab/statecodes huggingface dataset:
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-416 - Record date for voting, dividend and other purposes

6-416.
Record date for voting,  dividend and other purposes
For the purpose of determining the holders of accounts and of shares of guaranty capital,  and membership entitled to notice of or to vote at any meeting of the members,  or in order to make a determination of the members,  holders,  or other persons for any other proper purpose,  the by-laws may provide for a record date,  not less than ten days nor more than forty days before the meeting,  or other event or transaction with regard to which the determination is to be made;  and such determination shall be made as of the close of business on such record date. If the by-laws do not provide for a record date,  the board of directors may fix such a date for each such determination,  within the time stated above;  and if the board of directors shall fail to so fix a date,  the record date for a meeting shall be the date on which the first notice of meeting is given. Accounts withdrawn or retired after such record date shall not be voted or counted in determining the number of accounts outstanding. This section shall be applicable to the dividend payments on guaranty capital,  but dividends on accounts shall be governed by section 6-442.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-417 - Directors

6-417.
Directors
The business affairs of the association shall be exercised by its board of directors,  which shall be elected,  and shall exercise its powers,  as follows:
1. The board of directors shall consist of the number of directors fixed by the articles of incorporation but shall be not less than five nor more than twenty-five. All directors shall be bona fide members of the association,  and at all times at least two-thirds of the directors shall be residents of this state.
2. Directors shall be elected as provided in the bylaws of the association and shall serve until their successors are elected and qualified. In all elections of directors cumulative voting shall be allowed as provided in the Constitution of Arizona.
3. In the event of a vacancy on the board of directors from any cause,  the remaining directors shall have full power and authority to continue the management of the association,  and to fill any such vacancy.
4. The board of directors shall hold regular meetings as provided in the bylaws. Special meetings may be held as provided in the bylaws,  and also on call by the deputy director after not less than twelve hours' notice by personal or mail service to each director.
5. A majority of the board of directors shall constitute a quorum for the transaction of business unless a greater number is required in the bylaws. The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the board of directors,  unless the act of a greater number is required by law,  the articles of incorporation,  or the bylaws.
6. The board of directors shall have all powers that are necessary and proper to enable the association to accomplish its purpose.
7. The board of directors may adopt or amend bylaws,  but bylaws shall not be effective until they have been submitted to and approved by the deputy director as being in conformity with this chapter. Each adopted amendment shall be subject to the same inquiry by the deputy director as the corresponding provision in the original bylaws of the association. The deputy director may require approval by a majority vote of the members for an amendment changing the location of the business office of the association.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-419 - Officers

6-419.
Officers
A. The officers of an association shall consist of a president,  one or more vice presidents,  secretary,  treasurer,  and such other officers as the by-laws shall provide,  to be elected by the directors. If the by-laws so provide,  any two or more offices may be held by the same person,  except that one person shall not hold the offices of president and vice president or president and secretary. The duties and powers of the secretary set forth in this chapter may be exercised by any other officer designated by the board of directors.
B. The existence of an association shall not terminate by reason of the failure to elect officers at the time mentioned in the by-laws,  and each officer shall hold his office until his successor is elected and qualified.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-420 - Bonds of officers and employees

6-420.
Bonds of officers and employees
A. Every person appointed or elected to any position requiring the receipt,  payment,  management or use of money belonging to an association,  or whose duties allow the person to have access to or custody of any of the association's money or securities or whose duties allow the person regularly to make entries in the books or other records of the association,  before assuming the person's duties,  shall become bonded in some fidelity insurance company licensed to do business in this state and approved by the deputy director. Each such bond shall be on a form or forms as the deputy director shall require and in such amount as the board of directors shall fix and approve.
B. Nothing contained herein shall preclude the deputy director from proceeding against an association as provided in this chapter should the deputy director believe that the association is being conducted in an unsafe manner in that the form or amount of bonds so fixed and approved by the board of directors is inadequate to give reasonable protection to the association.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-421 - Access to books and records; communication with members

6-421.
Access to books and records;  communication with members
A. Every member or holder of capital shall have the right to inspect such books and records of the association as pertain to the member's or holder's account. Otherwise,  the right of inspection and examination of the books and records shall be limited to the deputy director,  as provided in this chapter,  and to any federal instrumentality or agency authorized to inspect or examine the books and records of an insured association,  and no other person shall have access to the books and records or shall be entitled to a list of the members,  except on express authority of the board of directors.
B. If any member desires to communicate with the other members of the association with reference to any question pending or to be presented at a meeting of the members,  the association shall give the member,  on request,  a statement of the approximate number of members entitled to vote at the meeting and an estimate of the cost of preparing and mailing the communication. The requesting member then shall submit the communication to the deputy director who,  if the deputy director finds it to be appropriate and truthful,  shall direct that it be prepared and mailed to the members,  on the requesting member's payment or adequate provision for payment of the expenses of the preparation and mailing.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-422 - Types of capital; personal property

6-422.
Types of capital;  personal property
A. The capital of an association may be represented by capital notes and debentures,  accounts or guaranty capital,  as provided in this article and as authorized by the articles of incorporation.
B. All accounts,  capital notes and debentures and guaranty capital shall be personal property in the hands of their holders,  transferable as provided in this chapter and the bylaws of the association.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-423 - Accounts

6-423.
Accounts
A. An association may maintain all types of deposit accounts and prescribe those terms and conditions relating to the accounts as are allowable for the association to maintain the insurance of its deposits by an insurance corporation.
B. Accounts are:
1. Withdrawable and subject to enforced retirement as provided in this article. This chapter does not prevent the withdrawal of funds from an association by negotiable or nonnegotiable order.
2. Entitled to dividends as provided in this article.
3. Nonassessable for either debts or losses of the association.
4. Issued on such plan or plans of payment and in such series or classes as the bylaws may provide,  which plan or plans of payment may include:
(a) Regular installment plan with agreed weekly or monthly payments,  with dividends credited to or in behalf of the account until the ultimate value agreed on in the subscription is reached.
(b) Full paid plan with one single payment of $100 per unit and dividends payable in cash unless by agreement credited to the account.
(c) Prepaid plan with one single payment in such amount per unit as is set forth in the bylaws and dividends credited to such account until the ultimate value of $100 per unit is reached.
(d) Optional plan with payments in such amount or amounts and at such times as the holder may elect and dividends credited to such account unless by agreement payable in cash.
(e) Any other plan of payment which the deputy director may approve as conforming to sound savings and loan practice.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-424 - Shares of guaranty capital; nature; consideration

6-424.
Shares of guaranty capital;  nature;  consideration
A. Shares of guaranty capital shall constitute a secondary reserve out of which losses shall be paid after all other available reserves have been exhausted,  and such shares shall be:
1. Nonwithdrawable,  except as provided in section 6-428,  until all liabilities of the association have been satisfied in full,  including payment of the withdrawal value of all accounts.
2. Entitled to dividends only as provided in section 6-442.
B. The consideration for the issuance of shares of guaranty capital may be paid to the association,  or a wholly owned subsidiary of the association,  in whole or in part,  in cash,  in other property,  tangible or intangible,  including promissory notes,  or in labor or services actually performed for the association. Shares are deemed to be fully paid and nonassessable if payment of the consideration for which the shares are to be issued has been received by the association or a wholly owned subsidiary of the association. In the absence of bad faith in the valuation of the consideration,  the judgment of the board of directors or the shareholders,  as the case may be,  as to the value of the consideration received for shares is conclusive.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-425 - Shares of guaranty capital; authorization of issuance; minimum amount

6-425.
Shares of guaranty capital;  authorization of issuance;  minimum amount
A. An association may provide for the issuance of shares of guaranty capital,  either by its original articles of incorporation or by an amendment to the articles of incorporation.
B. The aggregate initial guaranty capital of an association being organized under this chapter shall be not less than the minimum initial guaranty capital required under section 6-407.
C. In the case of an association that shall at any time be operating and its original articles of incorporation authorize the issuance of guaranty shares but the association has issued no guaranty shares,  or in the case of an association already in operation that amends its articles to authorize the issuance of guaranty shares,  the aggregate initial guaranty capital shall be not less than either:
1. The initial guaranty capital required under section 6-407.
2. An amount that,  together with the amount of surplus and all reserves required or designated as available for losses,  equals in the aggregate not less than the required capital and reserves necessary to obtain and maintain insurance of accounts by the insurance corporation,  whichever is greater.
D. In the case of an association already in operation and having issued and outstanding guaranty shares,  the aggregate guaranty capital shall be an amount not less than an amount that,  together with the amount of surplus,  amount of outstanding capital notes and debentures,  and all reserves required or designated for use for losses,  equals in the aggregate not less than the required capital and reserves necessary to obtain and maintain insurance of accounts by the insurance corporation.
E. Any plan for the issuance of shares of guaranty capital shall be subject to the approval of the deputy director as being in conformity with this chapter,  and the rules and regulations of the deputy director pertaining thereto.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-427 - Shares of guaranty capital; advertisement; sales; collection of subscription

6-427.
Shares of guaranty capital;  advertisement;  sales;  collection of subscription
A. All prospectae and advertising matter regarding the subscription for shares of guaranty capital shall include a statement to the effect that such shares of guaranty capital are not insured.
B. No association shall pay to any person any commission or other compensation for obtaining any subscription to or sale of shares of guaranty capital without the prior approval of the deputy director.
C. The board of directors shall establish a separate account to receive all funds paid in for shares of guaranty capital,  and shall maintain such account until further action is authorized as follows:
1. When the aggregate amount of such funds equals or exceeds the amount of the minimum initial guaranty capital that the association must obtain,  and either the board of directors has decided by resolution to proceed under the guaranty capital plan,  or one year has elapsed after the date on which the issuance of shares of guaranty capital was authorized and the board has taken no action,  then the separate account may be terminated and the funds may be transferred to the association's general account.
2. If the aggregate amount of such funds fails to reach the amount of the minimum initial guaranty capital that the association must obtain and one year has elapsed after the date on which the issuance of shares of guaranty capital was authorized or if the board of directors,  within such one-year period,  has decided by resolution to abandon the guaranty capital plan,  the funds in the separate account shall be returned to the respective subscribers and shall not become a liability of the association or its officers or directors.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-428 - Retirement or reduction of shares of guaranty capital

6-428.
Retirement or reduction of shares of guaranty capital
A. The board of directors of an association operating with guaranty capital may propose an amendment to the articles of incorporation providing for the retirement of all of the guaranty capital,  and a detailed plan for effectuating such an amendment. The resulting capital of the association shall be not less than the minimum initial capital that the association,  if it were being organized,  would be required to have under this chapter concerning applicants and initial capital. The proposal shall be submitted to the deputy director for the deputy director's approval.
B. If the deputy director approves the proposal,  the association's board of directors may request in writing an appraisal of the value of the shares of guaranty capital. The deputy director then shall cause such an appraisal to be made and receive therefor the fees for a special examination as provided by section 6-125,  allowing proper credit to such shares from the association's segregated surplus,  if any exists,  and from other reserves and undivided profits. The value of the shares of guaranty capital so determined may be considered in the further proceedings under this section.
C. The proposal then may be submitted to the members at an annual or special meeting. The proposal shall be adopted on receiving in the affirmative the votes of the holders of two-thirds or more of the outstanding shares of guaranty capital,  and also two-thirds or more of the total number of votes that all other members of the association are entitled to cast thereon. The proposal shall become effective on completion of the procedure provided in this chapter for the amendment of articles of incorporation.
D. An association may amend its articles of incorporation,  in accordance with the procedure provided in this chapter for such amendments,  to reduce its shares of guaranty capital,  but in no event to an amount that is less than the minimum guaranty capital that the association would be required by this chapter to issue if it were newly authorized to issue guaranty capital.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-429 - Issuance, delivery, and transfer of certificates and account books

6-429.
Issuance,  delivery,  and transfer of certificates and account books
A. An association may evidence an account by one or more appropriate certificates.
B. The holder of an account may transfer his rights in the account absolutely or conditionally to any other person eligible to hold the same by written assignment. Notwithstanding the effectiveness of such a transfer between the parties to the transfer,  the association may treat the holder of record as the owner of the account for payment,  voting and all other purposes until the assignment and any accompanying certificate or account books have been received by the association with a request for the transfer on the association's records.
C. Account certificates,  account books and any other evidences of membership are negotiable or nonnegotiable and not subject to,  but shares of guaranty capital certificates are subject to,  the provisions of title 47,  chapter 8.
D. All certificates and account books delivered to the holders as prescribed by this article are subject to garnishment,  attachment and execution as provided by the laws of this state.
E. If the holder of an account,  or the personal representative of any such person,  files with the association an affidavit to the effect that his account book or certificate has been lost or destroyed,  and that the account book or certificate has not been pledged or assigned either in whole or in part,  then the association may issue a substitute account book or certificate in the name of the holder,  with a statement that the account book or certificate is issued in lieu of the one lost or destroyed. The association is not liable thereafter with respect to the original account book or certificate,  but the board of directors may require a bond in sufficient amount to indemnify the association against any loss which might result from the issuance of the substitute account book or certificate.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-430 - Who may hold capital and membership

6-430.
Who may hold capital and membership
Accounts,  shares of guaranty capital,  and membership in an association may be held:
1. By any person in his own right,  regardless of his age or marital status,  or by two or more of such persons.
2. By a government or governmental instrumentality when authorized by law.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-432 - Effect of payment to minor or fiduciary

6-432.
Effect of payment to minor or fiduciary
A. Unless the written agreement provides otherwise,  or unless the association has had written notice of the terms under which a fiduciary holds an account,  the association may pay the value thereof and dividends thereon:
1. To any minor who is the holder of such account.
2. To such fiduciary who is the holder of such account without becoming liable to any beneficiary for such payment.
B. In each of the foregoing instances the receipt or acquittance of the person or persons to whom payment is made in accordance with the provisions of this section shall be a complete discharge of the association's obligation as to the amount so paid.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-433 - Payment on disability or death of holder in his own right of account

6-433.
Payment on disability or death of holder in his own right of account
A. If the holder in his own right of an account becomes a person with a disability and a conservator has been appointed,  by a court of competent jurisdiction,  and has qualified then the association may pay the value of such account and dividends thereon to the conservator. Until the association has actual knowledge that a conservator has been appointed,  it may pay to the protected person personally and his receipt or acquittance therefor shall be a complete discharge of the association as to the amount so paid.
B. Upon the death of a holder in his own right of an account,  the association,  upon receipt of proper estate tax waivers,  may pay the value thereof and dividends thereon:
1. To the personal representative of such deceased holder,  if and when qualified,  in the manner provided in this chapter for the voluntary withdrawal of account generally.
2. To the successor of such deceased holder upon presentation of an affidavit pursuant to section 14-3971.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-434 - Shares and accounts of certain associations as legal investments; deposit of fiduciary monies

6-434.
Shares and accounts of certain associations as legal investments;  deposit of fiduciary monies
A. All accounts of a federal savings and loan association and all accounts of a savings and loan association operating under this chapter,  whose accounts are insured by the federal deposit insurance corporation,  as provided in title IV of the national housing act,  as now or hereafter amended,  are legal investments for the funds of executors,  administrators,  guardians,  receivers and trustees of every kind and nature and insurance companies,  and such associations are qualified to act as trustee or custodian within the provisions of the federal self-employed individual's tax retirement act of 1962,  as amended.
B. Monies held by a savings and loan association as fiduciary may be deposited to the credit of the savings and loan association on time or demand account with itself or with any bank or other savings and loan association the deposits of which are insured by instrumentalities of,  or corporations chartered by,  the United States for the purpose of insuring the accounts of banks or savings and loan associations. Unless otherwise provided by the writing creating the trust,  if the monies are deposited with itself the savings and loan association shall secure the deposits with securities described in section 6-446,  subsection A,  paragraphs 1 and 2 or other security approved by the deputy director for such a purpose,  in the amount of the deposit,  less the amount by which the deposits are insured by the federal deposit insurance corporation or such other instrumentality of,  or corporation chartered by,  the United States as may be established for the purpose of insuring the accounts of savings and loan associations.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-436 - Maturity of shares

6-436.
Maturity of shares
A. When a regular installment or prepaid share reaches maturity value by reason of payments or dividend credits,  or both,  all payments thereon by the holder shall cease. The association either shall pay to the holder the maturity value of such share,  in accordance with the provisions of this article,  or shall mail a notice to the holder at his last known address as it appears on the association's records,  to the effect that he is entitled to receive payment for such share or to transfer the same or such portion thereof,  as the directors may specify,  into other accounts,  and that if he takes neither action within sixty days after the date on which such notice is mailed,  the value of such share may be held in a creditor account without interest or dividends,  available for the holder upon his application,  or the board of directors may transfer such share to another account of equivalent value on which dividends shall accrue as on a new account opened on the transfer date.
B. If the association has insufficient funds to make immediate payment upon the date of maturity of any shares,  such shares shall be listed in the order of their respective dates of maturity,  and shall be paid in the manner provided in section 6-435. Shares in the same series maturing on the same date shall be listed,  as of such date,  in the order in which they were issued in that series. From the date of maturity until payment,  dividends shall be apportioned to such matured shares at a rate to be determined by resolution of the board of directors. Dividends so apportioned shall be accumulated to the credit of such shares and shall be paid to the holder at the time when the shares are paid,  but the rate of such dividends shall not exceed the highest rate being currently apportioned to any other shares.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-437 - Enforced retirement of accounts

6-437.
Enforced retirement of accounts
A. The board of directors,  when authorized by the by-laws,  and in conformity with the provisions of this section and of the by-laws,  may retire on any dividend payment date any accounts,  which have not been pledged as security for loans,  by enforcing the retirement thereof.
B. Thirty days' prior written notice of such enforced retirement shall be given to the holder of an account to be retired and the holder shall not be entitled to further dividends after the dividend payment date on which such account is to be retired,  but such holder shall be paid the full withdrawal value of his account plus the dividend apportioned thereto as of the date fixed for retirement. All accounts upon which applications for voluntary withdrawal have been received,  and all shares which have matured,  shall be paid first in accordance with the provisions of this article.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-439 - Accounts subject to liens

6-439.
Accounts subject to liens
Every account shall be subject to a lien for the payment of such charges as lawfully may accrue thereon under the provisions of this chapter,  and the by-laws may prescribe the manner of enforcing such lien,  but no member shall be responsible for any losses which the then existing assets of the association shall not be sufficient to satisfy,  or for any unpaid installment upon his account which is not yet due under the terms of his subscription.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-440 - Apportionment of profits

6-440.
Apportionment of profits
The board of directors may apportion the profits of the association as the bylaws may prescribe,  and each apportionment shall be made in accordance with the following procedure:
1. Proper allocation first shall be made to accrued interest on accounts.
2. Proper allocation then shall be made to any reserves required by law or the deputy director.
3. Additional allocations then may be made to such special reserves as the board of directors may have established.
4. Dividends then may be declared if the bylaws so provide on shares of guaranty capital,  in accordance with this chapter.
5. The residue of such profits may be held as undivided profits.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-442 - Dividends and interest

6-442.
Dividends and interest
A. Subject to the restrictions set forth in this section and the association's bylaws,  an association from time to time may determine the term,  rate and amount of interest to be paid on accounts,  and for that purpose may establish reasonable classifications of accounts,  based on any of the following:
1. The types or classes of such accounts.
2. The length of time accounts are continued in effect.
3. The size of initial payments on accounts.
4. The minimum balances of accounts during apportionment periods.
5. The frequency and extent of the activity of accounts.
6. Such other classifications as the deputy director may approve,  and the deputy director is authorized to prepare model plans of classifications for adoption by associations.
B. An association shall determine the method of calculating the amount of interest on accounts,  and the date on which the interest is to be declared or credited,  but a payment or credit shall not be made more than ten days before the end of any apportionment period,  except on a matured bonus plan account or as approved by rules of the deputy director.
C. Dividends may be declared and paid on shares of guaranty capital as allowed from time to time by the laws governing corporations organized in this state,  except that dividends payable other than in the association's own stock may be paid out as a distribution,  as defined in section 10-140,  only with the approval of the deputy director or as approved by rules of the deputy director.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-443 - Bonus plans

6-443.
Bonus plans
For the purpose of encouraging thrift,  systematic savings and long-term investment,  the board of directors may establish by resolution bonus plans for holders of accounts. The board then shall transfer from the periodical profits of the association additional amounts to a bonus reserve,  from which reserve payments to holders complying with such plans shall be paid. Every bonus so paid shall be deemed a premium and shall not be construed as a dividend. The bonus plan adopted by the board of directors shall be either one prescribed by the regulations of the federal deposit insurance corporation or its successor instrumentality or shall be in accordance with the following provisions:
1. The holder shall agree to make regular payments at least monthly,  of any predetermined amount,  until the payments,  together with dividends apportioned thereto,  equal two hundred times the agreed monthly payment and without a delay of more than thirty days in any payment,  without a prepayment of more than twelve months and without making application for withdrawal of all or any part of the account. At the end of the bonus period,  the holder shall receive,  in addition to the regular monthly payments and dividends apportioned thereto,  a bonus at the rate of one per cent per annum computed on the withdrawal value of the account at each apportionment of profits. If the holder applies for withdrawal of his account in part or in full or fails to meet any and all the other terms of his bonus agreement after such account,  including dividends apportioned thereto,  has reached:
(a) At least fifty but less than one hundred times the agreed monthly payment upon his account in accordance with the terms thereof,  such holder shall be entitled to receive one-fourth of the bonus allocable to such account.
(b) At least one hundred but less than one hundred fifty times the agreed monthly payment upon his account in accordance with the terms thereof,  such holder shall be entitled to receive one-half of such bonus allocable to such account.
(c) At least one hundred fifty but less than two hundred times the agreed monthly payment upon his account in accordance with the terms thereof,  such holder shall be entitled to receive three-fourths of such bonus allocable to such account.
2. The holder shall subscribe to a long-term investment plan providing that if he maintains in his account an agreed minimum balance either:
(a) For a period of four years,  he shall be paid a bonus of one-half of one per cent per annum.
(b) For a period of eight years,  he shall be paid a bonus of one per cent per annum.
The plan may state the minimum and maximum balances on which a bonus may be paid.
3. If the association effects an enforced retirement of an account which is under a bonus plan before the bonus becomes payable according to the plan,  the portion of the bonus reserve allocable to the account shall be paid to the holder.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-444 - Promotional activities prohibited; definitions

6-444.
Promotional activities prohibited;  definitions
A. After the effective date hereof,  an association shall not give for the opening of,  or increasing the amount of,  any account,  any giveaway that has a monetary value in excess of the sum fixed for specified classes of accounts by rule of the deputy director. The monetary value of any giveaway so given shall be the cost of the giveaway to the association and the association shall keep in its records for a period of at least two years suitable evidence of such cost. If the giveaway is purchased or obtained by the association together with,  in connection with,  or at the same time as another item or other items from the same supplier,  not identical therewith,  such value shall be deemed to be the then current regular selling price or charge of the supplier on separate sales or dispositions thereof in the quantity included,  and the association shall in such case obtain,  and keep in its records for a period of at least two years,  a signed statement by such supplier of such regular selling price or charge.
B. For the purposes of this section:
1. " Account"  means shares of an association of whatsoever class or designation,  accounts,  share account,  investment certificate,  share subscription,  and credit to the account of the maker thereof other than credit on account of a loan by the association.
2. " Give"  means to give,  to sell or dispose of for less than full monetary value as hereinbefore defined,  or with any agreement or undertaking,  contingent or otherwise,  for repurchase or redemption,  whether total or partial,  or to offer,  promise,  or agree to do any of the foregoing.
3. " Giveaway"  means any money,  property,  service,  or other thing of value,  whether tangible or intangible.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-450 - Modification agreements

6-450.
Modification agreements
The association at any time may enter into a written agreement with the borrower to modify,  in any manner not inconsistent with the provisions of this chapter,  the terms of a loan as to the amount,  time,  or method of the payments to be made,  the interest rate,  and any other provisions of the loan contract,  and the loan contract and the security instrument shall not be prejudiced by the making of any such modification,  even if such a modification was not provided for in the loan contract.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-452 - Purchase of real or personal property at forced sale

6-452.
Purchase of real or personal property at forced sale
An association may purchase,  at any sheriff's or other judicial sale,  either public or private,  any real or personal property upon which the association has any mortgage,  lien,  or other encumbrance or in which the association has any other interest or accept a deed in lieu of such foreclosure. The association thereafter may repair,  improve,  sell,  convey,  lease,  mortgage,  exchange,  or otherwise dispose of real or personal property so acquired,  in the best interests of the association,  without limitation.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-453 - Purchase of real estate for office and rental purposes

6-453.
Purchase of real estate for office and rental purposes
An association may invest in land on which to erect an office building,  an office building or buildings and appurtenances,  for the transaction of such association's business,  or for the transaction of such business and for rental,  but no such investment may be made if the total amount of all investments of the association in such building or buildings exceeds the aggregate amount of the association's outstanding shares of guaranty capital,  reserves available for losses and surplus,  unless the deputy director,  on a proper showing,  shall approve a larger amount consistent with the needs of the association's business and its immediate expansion. An association shall not purchase an office building,  or any part of an office building,  or land on which to erect an office building,  from an affiliated institution,  from an officer,  director or employee of such association,  or from a corporation or association in which any officer,  director or employee is a stockholder or is an officer,  director or employee,  or from a partnership in which any officer,  director or employee is a partner,  without the prior written approval of the deputy director.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-454 - Appraisal of real estate owned

6-454.
Appraisal of real estate owned
At the time of acquisition by purchase,  foreclosure or otherwise,  an association shall cause to be appraised,  in the manner,  and by appraisers appointed in accordance with section 6-457,  each parcel of real estate acquired and shall keep a signed copy of such appraisal in its records. An association shall not carry real estate on its books for a sum in excess of the total amount actually invested by the association on account of such real estate,  including reasonable advances,  costs and improvements,  but excluding accrued and uncollected interest.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-456 - Effect of unauthorized investments and loans; liability of officers

6-456.
Effect of unauthorized investments and loans;  liability of officers
A. Every loan or other investment made in violation of this chapter shall be due and payable according to its terms,  and the obligation thereof shall not be impaired.
B. Every director or officer of an association who knowingly shall violate,  participate in,  or assent to,  or who knowingly shall permit any of the officers or agents of the association to make investments not authorized by this chapter,  shall be liable individually for all damage which the association or its members sustain in consequence of such violation.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-457 - Appraisals

6-457.
Appraisals
Every appraisal or reappraisal of property that an association is required to make shall be made as follows:
1. In accordance with the deputy director's rules and regulations on appraisals. Each appraisal shall be filed and preserved by the association during the life of the loan.
2. In the case of an insured or guaranteed loan,  by any appraiser appointed by any lending,  insuring or guaranteeing agency of the United States or of this state that shall insure or guarantee such loan,  wholly or in part. A copy of any appraisal or of the commitment or certificate of the insuring or guaranteeing agency shall be filed and preserved by the association during the life of the loan.
3. The deputy director,  when good cause exists,  may cause an independent appraisal to be made of any property on which a loan has been made. The reasonable travel and subsistence expenses and compensation to such appraisers not in excess of comparable fees paid for the same or similar appraisals in the same area shall be paid by the association owning or holding such property as mortgagee.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-458 - Acknowledgments

6-458.
Acknowledgments
No acknowledgment of a deed,  mortgage,  or other instrument shall be invalid because such acknowledgment was taken before an officer authorized by the laws of this state to acknowledge conveyances,  who is also a member,  director,  employee,  or officer of an association which is a party to such deed,  mortgage,  or other instrument.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-459 - Amendment of articles of incorporation

6-459.
Amendment of articles of incorporation
An association may amend its articles of incorporation from time to time,  in accordance with the procedure prescribed in this article;  but the articles of incorporation,  as amended,  shall conform to all legal requirements which pertain to original articles adopted at the time of such amendment. Any number of amendments may be submitted to the members,  and voted upon by them,  at one meeting.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-460 - Procedure to amend articles of incorporation

6-460.
Procedure to amend articles of incorporation
The procedure to effect an amendment of articles of incorporation shall be as follows:
1. The board of directors shall adopt a resolution setting forth the proposed amendment and directing that it be submitted to a vote at a meeting of the members,  which may be an annual or a special meeting.
2. The proposed amendment,  or a summary of the changes to be effected thereby,  shall be set forth in the notice of meeting as prescribed in section 6-415.
3. The proposed amendment will be adopted on receiving,  in the affirmative,  a majority or more of the total number of votes that all members of the association are entitled to cast,  except that an amendment effecting a retirement of all shares of guaranty capital must receive the vote specified in section 6-428. A report of proceedings,  verified by the president or a vice president and attested by the secretary and setting forth the notice given,  the amendment adopted,  the vote thereon,  and the total number of votes that all members of the association were entitled to cast thereon,  shall be filed promptly with the deputy director.
4. Each adopted amendment shall be subject to the same inquiry by the deputy director as the corresponding provision in the original articles of incorporation,  including the availability of a proposed new name of the association. If the deputy director approves an amendment,  the deputy director shall issue to the association a certificate setting forth the amendment and the deputy director's approval thereof,  which shall then be filed with the corporation commission and a certified copy thereof recorded in the office of the county recorder of the county where the principal office of the association is located. When so filed and recorded the amendment shall become effective.
5. No amendment of articles of incorporation shall affect any existing cause of action either in favor of or against the association,  or any pending action in which the association shall be a party,  or the existing rights of persons other than members of the association. If the amendment has changed the name of the association,  no action brought by or against the association under its former name shall be abated for that reason.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-461 - Existing associations; adoption of articles and by-laws

6-461.
Existing associations;  adoption of articles and by-laws
Any existing association may,  at an annual or special meeting,  amend its present articles of incorporation or other instruments concerning organization by adopting articles of incorporation containing the provisions enumerated in section 6-413. The procedure to be followed in adopting or amending articles of incorporation shall be that prescribed in section 6-460.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-462 - Conversion from state to federal association

6-462.
Conversion from state to federal association
Any association operating under this chapter may become a federal association pursuant to the laws and regulations of the United States and in accordance with the following procedure:
1. The board of directors shall approve a plan of conversion by resolution adopted by majority vote of all of the directors. The plan 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 withdrawable capital and guaranty capital,  if any.
(c) Adjustments,  if any,  in the value of accounts when exchanged for comparable accounts in the federal association.
(d) The disposition of any segregated surplus established under section 6-426.
(e) The disposition of any obligations or liabilities.
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 members is to be taken.
3. If the plan of conversion provides for no adjustment in the accounts of members and all obligations and liabilities are to be assumed by the federal association,  the deputy director's approval of the plan of conversion shall not be required.
4. If the plan of conversion adjusts values of any type of capital,  or if the association has a segregated surplus,  such plan of conversion shall be subject to the approval of the deputy director. Approval shall be given in such case if the deputy director finds that the plan is equitable and protects the rights of all persons affected,  including such contingent interests as theretofore may have been created in the segregated surplus,  if any.
5. After receipt of such approval from the deputy director,  if required,  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. A report of proceedings at the meeting,  certified by the president or a vice president and attested by the secretary,  shall be filed promptly with the deputy director.
6. Within ninety days after the date of the meeting,  the association shall take the action prescribed and authorized by the laws and regulations of the United States to complete its conversion to a federal association.
7. On receipt of a federal charter,  the association shall file promptly with the deputy director and the corporation commission either a copy of said charter or a certificate of the appropriate federal officer setting forth the facts concerning the issuance of such charter and on recording said charter in the same manner as is required for the association's articles of incorporation,  the association shall cease to be a state chartered association.