reglab/statecodes huggingface dataset:
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-162 - Temporary prohibition; injunction

6-162.
Temporary prohibition;  injunction
A. If the deputy director determines from the available facts that the conduct of the respondent is likely to cause the financial institution or enterprise to suffer substantial financial loss before an order can be issued under section 6-161,  the deputy director may issue a temporary order prohibiting the respondent from further participation in any manner in the conduct of the affairs of the financial institution or enterprise. The order shall contain a statement of the alleged facts which form the basis of the order and becomes effective on service on the respondent. A copy of the order shall also be served on the financial institution or enterprise. The order expires by its terms within such time after entry,  not to exceed twenty days,  as the deputy director fixes,  unless the respondent consents to a longer period or within the time fixed in the order it is extended by supplemental order issued by the deputy director and served on the respondent and the financial institution or enterprise. On two days' notice to the financial institution or enterprise the respondent may move that the deputy director stay,  dissolve or modify the order,  and the deputy director shall proceed to hear and determine such motion as expeditiously as justice requires.
B. The respondent served with a temporary order may apply to the superior court for a stay of the order pending the completion of the administrative proceedings under section 6-161,  and the court has jurisdiction to stay the order if the deputy director has refused to stay the order or to promptly consider the respondent's request for a stay.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-163 - Judicial review

6-163.
Judicial review
Except as provided in section 41-1092.08,  subsection H,  any party to a proceeding under this article may obtain judicial review of any final order pursuant to title 12,  chapter 7,  article 6 other than an order issued with consent of the financial institution or enterprise or other person concerned if the complaint seeking review is filed with the superior court. The commencement of proceedings for judicial review shall not,  unless specifically ordered by the court,  operate as a stay of the order. During the pendency of the action for review,  the deputy director may not modify,  terminate or set aside the order except with permission of the court.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-164 - Attorney fees and expenses

6-164.
Attorney fees and expenses
In any proceeding instituted under this article in which a director or officer is a party,  and if the deputy director or court allows such party reasonable expenses and attorney fees,  the deputy director or the court may provide that such expenses and fees shall be paid by the financial institution or enterprise from its assets with priority as an expense of administration in receivership.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-165 - Enforcement of order

6-165.
Enforcement of order
The deputy director may apply to the superior court for the enforcement of any effective and outstanding order issued under this article,  and the court has jurisdiction to order and require compliance with the order. Except as otherwise provided in this article,  a court has jurisdiction to affect by injunction or otherwise the issuance or enforcement of any order under this article or to review,  modify,  suspend,  terminate or set aside any such order.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-181 - Declaration of purposes

6-181.
Declaration of purposes
The purposes of this chapter,  which shall govern judicial and administrative interpretation and application of the provisions of this chapter,  are to provide for:
1. Safe and sound conduct of banks.
2. Conservation of bank assets.
3. Maintenance of public confidence in banks.
4. Protection of the interests of depositors and fiduciary beneficiaries and of the interest of the public in the soundness and preservation of the banking system.
5. Opportunity for banks 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.
6. Opportunity for banks to serve effectively the convenience and needs of their depositors,  borrowers and other customers,  to participate in and promote the economic progress of this state and the United States and to improve and expand their services and facilities for those purposes.
7. Opportunity for management of banks to exercise business judgment in conducting banking affairs subject to this chapter.
8. Simplification and modernization of the law governing banking and governing the exercise of fiduciary and other representative powers by banks.
9. Implementation and execution of this chapter by the full utilization of the rulemaking and administrative discretions of the deputy director.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-182 - Transition

6-182.
Transition
All banks shall be operated in accordance with the provisions of this chapter,  except that transactions validly entered into before the effective date of this chapter and the rights,  duties and interests flowing from them remain valid thereafter and may be terminated,  completed,  consummated or enforced as required or permitted by any statute amended or repealed by the law by which this chapter was enacted as though such amendment or repeal had not occurred.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-183 - Rights, powers and privileges of national banks

6-183.
Rights,  powers and privileges of national banks
Except as prohibited by federal law,  a national bank with a banking office in this state shall have all the rights,  powers and privileges and shall be entitled to the same exemptions and immunities as banks holding banking permits under this chapter.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-185 - Board of directors' meetings; review; report of failure of quorum to meet

6-185.
Board of directors' meetings;  review;  report of failure of quorum to meet
A meeting of the board of directors of a bank shall be called each month or each quarter. The deputy director shall designate for each bank whether the board shall meet monthly or quarterly. The deputy director may change the designation at any time without providing the bank advance notice. At the meetings,  the board shall review the loans and investments and other material activities of the bank or review a report thereof prepared under the direction of the board as a regular item of business. The board shall keep minutes of all meetings including a record of attendance. If at any required meeting a majority of the members are not present,  the bank shall notify the deputy director in writing of that fact.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-186 - Annual audit and report

6-186.
Annual audit and report
A. An audit of the affairs of the bank including an out-of-state bank 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 bank's or out-of-state bank'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.
B. An out-of-state bank may satisfy an audit requirement by filing with the deputy director a copy of the audit report that is required by its home state regulator within fifteen days after filing that report with the home state.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-187 - Authority to declare dividends; limitation

6-187.
Authority to declare dividends;  limitation
The board of directors of a bank may declare dividends as allowed by the general laws governing Arizona corporations,  except that dividends payable other than in the bank's own stock may be paid out of capital surplus only with the approval of the deputy director.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-188 - Bonds and insurance; coverage

6-188.
Bonds and insurance;  coverage
The board of directors shall require protection and indemnity for the bank against defalcation,  forgery,  theft and other similar insurable losses,  with corporate insurance or surety companies authorized to do business in this state. Coverage against defalcation shall include all active officers and employees of the bank whether or not they draw salary or compensation.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-189 - Capital obligations; approval; convertibility

6-189.
Capital obligations;  approval;  convertibility
A. A capital obligation is an unsecured indebtedness of the bank subordinate to the claims of depositors and all other creditors of the bank regardless of whether the claims arose before or after the issuance of the note or debenture representing the capital obligation. In the event of liquidation all depositors and other creditors of the bank are to be paid in full before any payment of principal or interest is made on capital obligations.
B. No capital obligations shall be incurred without the prior order of approval of the deputy director. Capital obligations authorized by such order may be retired in accordance with the mandatory payment provisions of the obligation without further authorization. No payment shall be made under an optional right of payment reserved to the bank without the separate authorization of the deputy director,  which may be granted in the deputy director's initial order of approval or by subsequent order.
C. Capital obligations may be convertible into shares of any class of stock in accordance with their terms approved by the deputy director. No shareholder has any preemptive right to purchase capital obligations or to purchase stock issued upon conversion of capital obligations unless provided by the articles of incorporation or specified in the corporate authority to incur the obligation.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-190 - Bank offices; standards and term of approval; closing; automated teller machines

6-190.
Bank offices;  standards and term of approval;  closing;  automated teller machines
A. A bank may establish banking offices anywhere in the world with the authorization of the deputy director and on such conditions as the deputy director may prescribe. An application for a banking office shall be in writing in such form as the deputy director prescribes supported by such information,  data and records as the deputy director may require to make the findings necessary for approval.
B. In granting the application for a banking office,  the deputy director shall be guided by the standards prescribed for the issuance of a banking permit insofar as such standards are reasonably applicable.
C. The failure of a bank to open and operate a banking office within one year after the deputy director approves the application shall automatically terminate the approval,  except that the deputy director,  for good cause shown in writing made before the expiration of the one-year period,  may extend for additional periods not in excess of six months each the time in which the banking office may be opened.
D. A bank may permanently close less than all of its banking offices on compliance with such requirements of notice as have been prescribed by the deputy director and such closing shall terminate the authority to maintain the office which is closed.
E. A bank may establish or maintain an automated teller machine at locations other than its places of business. The bank must send a notification letter to the deputy director at least thirty days before the automated teller machine is established pursuant to this subsection.
F. A bank may,  without the approval of the deputy director and through contractual agreement with one or more other banks or automated teller machine providers,  join in the operation of automated teller machine networks.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-191 - Foreign banking offices; additional powers; separate accounts; additional offices; definition

6-191.
Foreign banking offices;  additional powers;  separate accounts;  additional offices;  definition
A. In addition to its other powers,  a bank may through any foreign banking office act as fiscal agent of the United States and,  except as prohibited or limited by regulations of the deputy director,  exercise such powers as are usual in connection with the business of banking in the places where such foreign banking office transacts its business.
B. The accounts of each foreign banking office shall be maintained independently of the accounts of all other banking offices and the profit or loss of the office for each fiscal year shall be recorded as a separate item in the general ledger of the bank.
C. A bank having a foreign banking office,  on thirty days' notice to the deputy director,  or such shorter notice as may be approved by the deputy director in individual cases,  may establish such additional banking office or offices as specified in the notice in the same country without filing an application for approval,  unless otherwise ordered by the deputy director.
D. For the purposes of this section,  the term " foreign banking office"  means a banking office in a foreign country or in a dependency or insular possession of the United States.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-192 - Investments in international and foreign banking and financing corporations; limitation; consent; exceptions

6-192.
Investments in international and foreign banking and financing corporations;  limitation;  consent;  exceptions
A. No bank,  without the consent of the deputy director,  may invest in stock or other evidence of ownership in any of the following:
1. Corporations organized under the laws of the United States or any state and principally engaged in international or foreign banking or in other international or foreign financial operations,  or in banking or other financial operations in a dependency or insular possession of the United States,  either directly or through the agency,  ownership or control of local institutions in foreign countries,  or in such dependencies or insular possessions.
2. Banks organized under the laws of a foreign country or a dependency or insular possession of the United States. No investment shall be made in a foreign bank if it is engaged directly or indirectly in any activity in the United States unless the activity is in the judgment of the deputy director,  incidental to the international or foreign business of such bank.
B. The aggregate amount invested in all banks and corporations described in subsection A of this section shall not exceed,  at the time any such investment is made,  twenty-five percent of the capital account of the bank as defined in section 6-351.
C. The consent of the deputy director for any investment under subsection A of this section shall be subject to such conditions as the deputy director prescribes in the deputy director's order of approval,  and the investment shall be subject to his regulations.
D. The provisions of subsections A and B of this section shall not apply to shares or evidences of ownership acquired by a bank in the regular course of securing or collecting a debt contracted in good faith but shares or evidence of ownership acquired in collecting a debt shall be disposed of within a reasonable time unless otherwise lawfully held under subsections A and B of this section.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-193 - Bank and holding company subsidiaries; powers

6-193.
Bank and holding company subsidiaries;  powers
A subsidiary of a bank or a nonbank subsidiary of a holding company may:
1. Deal in and underwrite all obligations issued or guaranteed by or on behalf of a state or a political subdivision of a state or an agency or instrumentality of either a state or political subdivision.
2. Organize,  sponsor,  operate and control an investment company,  as defined in section 3 of the investment company act of 1940 (15 United States Code section 80a-3),  and underwrite,  deal in,  sell and distribute,  as principal or agent,  or both,  the securities of such an investment company.
3. Deal in and underwrite:
(a) Promissory notes secured by real estate mortgages.
(b) Credit obligations secured by real or personal property or manufactured housing.
(c) Participation interests in such notes and credit obligations.
(d) Mortgage related payment bonds secured by such notes or participation interests.
4. Underwrite,  deal in,  sell and distribute,  as principal or agent,  or both,  commercial paper issued by any entity.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-201 - Authority to engage in banking business; exception

6-201.
Authority to engage in banking business;  exception
A. No person,  except a national banking association with its home office in this state or bank authorized to do business in this state pursuant to section 6-217 or section 6-322,  subsection A,  shall engage in the banking business in this state without a banking permit.
B. For the purposes of this section,  a person engaged in the business of receiving money on deposit subject to payment by check or any other form of order or request or on presentation of a certificate of deposit or any other evidence of debt is engaged in the banking business.
C. Nothing in this section shall prohibit a savings and loan association qualified to do business in this state from performing any acts authorized by chapter 3 of this title,  a credit union qualified to do business in this state from performing any act authorized by chapter 4 of this title,  a licensee or authorized delegate under chapter 12 of this title from performing any act regulated by that chapter or a trust company qualified to do business in this state that maintains savings accounts or time deposits pursuant to section 6-882 from performing any act authorized by chapter 8 of this title.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-202 - Existing banks

6-202.
Existing banks
The authority under which an existing bank is engaged in the banking business or the banking and trust business under the laws of this state before August 8,  1973 shall continue in full force and effect. The deputy director,  may,  and shall on request,  issue a banking permit to such bank to evidence such authority without any further act on the part of the bank or the payment of any fee.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-203 - Application for banking permit; organizational application; final application

6-203.
Application for banking permit;  organizational application;  final application
A. Except as otherwise provided in this section,  an application for a banking permit or amendment to a banking permit shall be in writing,  in such form as the deputy director may prescribe,  and shall be supported by such information,  data and records as the deputy director may require to make the findings necessary for the issuance or amendment of the permit.
B. The deputy director shall establish an organizational application process and a final application process for new banking permit applications. The organizational application must include:
1. The historical description of the organizing group.
2. The proposed type of regulatory filing for the bank.
3. The proposed committee structure and its membership.
4. The completed biographical and financial report for each organizer.
5. The completed background permission form for each organizer.
6. The business plan summary.
7. The financial plan reflecting both the objectives of the strategic plan and the bank's capital adequacy under the current capital guidelines.
8. The projected organizational budget for the project.
9. The articles of incorporation and the bylaws of the organizing corporation.
10. The proposed offering circular,  escrow account information and stock certificate.
C. The department may accept an organizational application for a new banking permit without simultaneously filing with the federal deposit insurance corporation.
D. The final application for a new banking permit may begin at any time during the organizational phase. The required capital must be raised during the final application process.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-205 - Term of permit; surrender; revocation

6-205.
Term of permit;  surrender;  revocation
A. A banking permit shall be valid until surrendered to the deputy director or revoked by the deputy director.
B. A banking permit may not be surrendered to the deputy director until such time as the deputy director finds that all of the deposit liabilities of the bank have been satisfied in full or assumed by another bank.
C. A banking permit expires automatically when a bank is placed in receivership.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-211 - Definitions

6-211.
Definitions
In this article,  unless the context otherwise requires:
1. " Converting bank"  means a bank converting from a national to a state bank,  or the reverse.
2. " In-state financial institution"  means a state or national bank or savings and loan association with its home office in this state,  or holding company with its home office in this state.
3. " Merger"  includes consolidation.
4. " National bank"  means a national banking association located in this state.
5. " Out-of-state financial institution"  means a state or national bank or savings and loan association with its home office in a state other than this state,  or holding company with its home office in a state other than this state.
6. " Resulting bank"  means the bank resulting from a merger or conversion.
7. " State bank"  means a corporation holding a banking permit under the laws of this state.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-212 - Resulting national bank

6-212.
Resulting national bank
Nothing in the law of this state shall restrict the right of a state bank to merge with or convert into a national bank. The action to be taken by such merging or converting state bank and its rights and liabilities and those of its stockholders shall be as prescribed at the time of the action by the law of the United States,  but the state bank shall give notice to the deputy director of the adoption by its board of directors of any plan of merger or conversion.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-215 - Retention of nonconforming assets; permission; maximum value

6-215.
Retention of nonconforming assets;  permission;  maximum value
If a merging or converting bank has assets that do not conform to the requirements of law for a state bank or if assets acquired by a state bank in the transaction of its assuming deposit liabilities of another bank do not conform to such legal requirements,  the deputy director may allow the resulting bank to retain such assets for a reasonable time,  but shall fix the maximum value at which the assets may be carried by the resulting or assuming bank.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-216 - Continuation of business and corporate entity

6-216.
Continuation of business and corporate entity
A resulting state bank shall be considered the same business and corporate entity as each merging bank or converting bank. All rights of property,  franchises and interests of each merging bank or the converting bank shall be transferred to and vested in the resulting state bank by virtue of such merger or conversion without any deed or other transfer. The resulting state bank,  without any order or other action on the part of any court,  shall hold and enjoy all rights of property,  franchises and interests,  including appointments,  designations and nominations,  and all other rights and interests as trustee,  executor,  administrator,  conservator,  guardian,  registrar of stocks and bonds,  assignee,  receiver and in every other fiduciary capacity,  in the same manner and to the same extent as such rights,  franchises and interests were held or enjoyed by any one of the merging banks or the converting bank at the time of the merger or conversion. Any reference to the merging bank or converting bank in any contract,  will or other document,  whether executed or effective before or after the merger or conversion,  shall be a reference to the resulting bank.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-217 - Emergency acquisition of in-state financial institution

6-217.
Emergency acquisition of in-state financial institution
A. Notwithstanding any other provisions of law,  an in-state financial institution or out-of-state financial institution may acquire an in-state financial institution if the deputy director determines that both of the following exist:
1. The in-state financial institution proposed to be acquired is in danger of being placed in receivership by the deputy director or the relevant federal agency.
2. The acquisition is necessary to protect the financial interests of the in-state financial institution's depositors and creditors.
B. The deputy director shall make the deputy director's final determination under this section in writing.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-232 - Powers of attorney; notice of revocation; payment after notice

6-232.
Powers of attorney;  notice of revocation;  payment after notice
A. A bank may continue to recognize any act of a depositor's agent as authorized by the depositor in writing to the bank until the bank receives a written notice of revocation signed by the individual depositor who granted the authority or,  in the case of a corporation,  partnership or association,  evidence satisfactory to the bank of such revocation.
B. Notwithstanding that a bank has received written notice of revocation of the authority of such agent,  it may,  until ten days after receipt of such notice,  pay any item made,  drawn,  accepted or indorsed by such agent prior to such revocation,  provided that such item is otherwise properly payable.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-233 - Adverse claim to bank deposit; court order required; definitions

6-233.
Adverse claim to bank deposit;  court order required;  definitions
A. Notice to a bank of an adverse claim is not sufficient to require the bank to refuse to honor the order of any person to whose credit the account stands or who has prior authority on the books of the bank to operate the account,  nor is such notice sufficient to require the bank to recognize the adverse claimant in any respect,  unless the bank is directed to do so by a lawful order of a court in the United States. In the absence of such court order the bank may refuse to honor the order on the account by any person.
B. For the purposes of this section:
1. " Adverse claim"  means a claim by any person who asserts the right to all or part of a deposit account to the exclusion of anyone to whose credit the account stands on the records of the bank. " Adverse claim"  also includes conflicting claims of any persons to the right to operate an account.
2. " Adverse claimant"  means any person asserting an adverse claim.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-234 - Deposit of minor; school saving plan

6-234.
Deposit of minor;  school saving plan
A. A bank may operate a deposit account in the name of a minor or in the name of two or more persons,  one or more of whom are minors,  and all rights and liabilities of the bank and any depositor arising out of such account and any act of the parties in relation thereto shall be of the same legal effect as if the minor is of full legal age.
B. Subject to such regulations as the deputy director may prescribe for the protection of depositors,  a bank may contract with the proper authorities of any elementary or secondary school,  or of any institution caring for minors,  for the participation by the bank in any school or institutional thrift or savings plan,  and it may accept deposits at such a school or institution,  either by its own collector or by any representative of the school or institution who becomes the agent of the bank for such purpose.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-235 - Bank deposits in two or more names; payment to survivor

6-235.
Bank deposits in two or more names;  payment to survivor
Bank deposits may be made in the name of two or more persons,  including minors,  payable to either or any of them,  or payable to either or any of the survivors or the sole survivor,  and the deposits or any part thereof and any interest thereon,  may be paid to or on order of any of the persons whether the other or others are living or not. The receipt,  order or acquittance of the persons so paid is a valid and sufficient release and discharge to the bank for any payments so made.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-236 - Payment of deposits in trust

6-236.
Payment of deposits in trust
Bank deposits may be made in the name of one or more persons as trustees for one or more persons designated as beneficiaries. The account and any balance thereof which exists from time to time shall be held as a trust account and unless otherwise agreed between the trustees and the bank:
1. Any such trustee during the trustee's lifetime may change any of the designated beneficiaries by a written direction accepted by the bank.
2. The deposit or any part thereof with interest may be paid to or on the order of any trustee whether any other trustee or beneficiary is living or not. Any such payment shall constitute a lawful revocation of the trust as to the amount withdrawn and the receipt order or acquittance of the person so paid is a valid and sufficient release and discharge of the bank as to the amount so paid.
3. Upon the death of the last surviving trustee the deposit or any part thereof with interest may be paid to or on order of any of the persons designated as beneficiaries who are living at the death of the last surviving trustee and the receipt order or acquittance of the person so paid is a valid and sufficient release and discharge of the bank as to the amount so paid.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-237 - Payment of deposit to foreign personal representative

6-237.
Payment of deposit to foreign personal representative
If the deposit account is with one person and if within sixty days from the date of death of such depositor,  no personal representative of such decedent,  qualified in this state,  has delivered a certified copy of letters testamentary or letters of administration to the bank,  the bank may pay the balance of the account of the deceased depositor to the depositor's domiciliary personal representative qualified in another state upon the presentation of letters testamentary or letters of administration certified by the appointing court.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-241 - Banking days; notice; closing

6-241.
Banking days;  notice;  closing
A. A bank is authorized to fix from time to time the days and hours when each of its banking offices that are located in this state will be open to the public for its banking business. The days and hours need not be the same for each office. The bank shall notify the deputy director of the days and hours of each banking office and of any change in the scheduled days and hours of each office. The bank shall give further notice by whatever means it selects as best calculated to advise the public of any change.
B. In an emergency or threat of an emergency or other circumstances beyond the control of the bank that would imperil persons or property or impede normal operations,  all or any of its banking offices that are located in this state may be or remain closed. Notice of the closing shall be given to the deputy director as promptly as conditions will allow. The deputy director may order the reopening of any office on the deputy director's finding that conditions justifying the closing under this subsection do not then exist.
C. Any day on which a bank shall pursuant to this section be or remain closed shall with respect to the bank be deemed a legal holiday.
D. Any office of a bank may be closed under subsection A or B of this section,  even though other offices of the bank are open,  but any day of such closing shall not be a legal holiday in respect to any acts to be performed by or at the bank on such day unless the act is to be performed only by or at the office which is closed.
E. Where pursuant to agreement or law any act is to be performed by or at a bank on any day when such bank shall pursuant to this section be or remain closed,  the act may be performed on the next succeeding banking day with the effect as though performed on the appointed day.
F. Nothing in any law of this state shall in any manner whatsoever affect the validity of or render void or voidable the payment,  satisfaction or acceptance of any check or other negotiable instrument or any other transaction by a bank because done or performed on any holiday or partial holiday or during any time other than regular banking hours,  but this subsection does not compel a bank to perform any of the acts or transactions aforesaid except at its own option.
G. This section applies to out-of-state banks.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-242 - Preservation of bank records; regulations; disposal

6-242.
Preservation of bank records;  regulations;  disposal
A. Every bank shall retain its corporate and business records in accordance with regulations of the deputy director. The regulations shall classify the records,  establish allowable methods for effective and economical preservation of information contained in the records if the originals are destroyed pursuant to regulation,  and prescribe the minimum periods of time each record or allowed substitute shall be preserved.
B. In issuing the regulations under subsection A of this section,  the deputy director shall consider:
1. Actions at law and administrative proceedings in which the production of bank records might be necessary or desirable.
2. Statutes of limitation applicable to such action or proceedings.
3. The availability of information contained in bank records from other sources.
4. Such other matters as the deputy director deems pertinent in order that the deputy director's regulations will require banks to retain records for as short a period of time as is commensurate with the interests of bank customers and shareholders and of the people of this state in having bank records available.
C. A bank may dispose of any record or allowed substitute that has been retained for the applicable record prescribed in accordance with the terms of this section,  and shall thereafter be under no duty to produce such a record in any action or proceeding.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-245 - Pledge of assets; rediscount; exception to requirement of security

6-245.
Pledge of assets;  rediscount;  exception to requirement of security
A. A bank may pledge,  mortgage or otherwise hypothecate its assets:
1. To qualify the bank to act as a fiscal agent for any governmental entity.
2. To secure deposits which are required by law to be secured.
3. To secure borrowings from one business day to the next from another bank.
4. To secure borrowings from a federal reserve bank or any federal agency.
5. To secure other obligations,  exclusive of deposits,  provided the aggregate value of the assets as carried on the books of the bank encumbered for purposes other than those specified in paragraphs 1 through 4 of this subsection shall not exceed the capital account of the bank except with the approval of the deputy director.
B. Subsection A of this section does not prohibit or limit the sale or rediscount of commercial paper or securities with endorsement,  guarantee or agreement to repurchase.
C. If,  by the law of this state,  a bank is required to provide security for deposits in the form of collateral,  surety bond or any other form,  such security is not required to the extent such deposits are insured by the federal deposit insurance corporation. For the purposes of this subsection,  acceptable security for deposits includes:
1. Certificates of deposit insured by an agent or instrumentality of the United States.
2. Interest bearing savings deposits in banks and savings and loan associations doing business in this state whose accounts are federally insured.
3. United States government obligations.
4. Municipal bonds and bonds issued by a state,  county or school district.
5. Obligations for which the payment of principal and interest is guaranteed by the United States or by an agency or instrumentality of the United States.
6. Registered warrants if offered as security for monies of the county by which they are issued.
7. First mortgages and trust deeds together with the promissory notes or other evidences of indebtedness described in the instruments on improved,  otherwise unencumbered real estate located in this state if no single mortgage or trust deed represents more than ten percent of the total collateral security and the promissory note or other evidence of indebtedness secured by the mortgage or trust deed has been in existence for at least three years and no default with respect to the promissory note or other evidence of indebtedness has occurred during its existence.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-246 - Permitted investments; limitations

6-246.
Permitted investments;  limitations
A. In addition to other investments authorized by law,  a bank or trust company that is acting as a fiduciary may invest and reinvest in the securities of an open-end or closed-end management investment company or investment trust that is registered under the investment company act of 1940 (15 United States Code section 80a-1),  as amended,  if the portfolios of that investment company or investment trust consist of investments permitted by the applicable fiduciary instrument. A bank or trust company may invest in these securities notwithstanding that the bank or trust company,  or an affiliate of the bank or trust company,  provides services to the investment company or investment trust as an investment adviser,  custodian,  transfer agent,  registrar,  sponsor,  distributor,  administrator,  manager or otherwise and receives reasonable remuneration for those services.
B. A bank or trust company that invests and reinvests in the securities of an open-end or closed-end management investment company or investment trust authorized under subsection A of this section shall disclose in the statement of the fiduciary account to all persons whose funds are invested in the investment company or investment trust that the bank or trust company provides services for and receives fees from the open-end or closed-end management company or investment trust. A person who complies with the requirements of section 14-10802,  subsection F satisfies the disclosure requirements of this subsection.
C. A bank may purchase for its own account any class of equity securities issued by a banker's bank,  as defined in section 6-204,  if the aggregate investment does not exceed ten per cent of the bank's capital.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-273 - Form of reserves; limitations

6-273.
Form of reserves;  limitations
Legal reserves shall consist of:
1. Cash.
2. Cash items in the process of collection payable immediately on presentation in the United States.
3. Unpledged obligations of the United States maturing not more than six months after the date the obligation is used for reserve purposes at par.
4. Net deposit balances with each reserve depository in this state,  exclusive of deposits not payable on demand unless evidenced by a negotiable certificate of deposit maturing not more than six months from the date the certificate is used for reserve purposes.
5. Net deposit balances with each out-of-state reserve depository,  exclusive of deposits not payable on demand unless evidenced by a negotiable certificate of deposit maturing not more than six months after the date the certificate is used for reserve purposes,  in an amount either approved by the deputy director in writing or not more than the amount fully insured by the federal deposit insurance corporation or the national credit union administration or any successor agency.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-275 - Computation of reserves

6-275.
Computation of reserves
Compliance with reserve requirements shall be determined as of the close of business on the first Thursday following the effective date of this chapter and every alternate Thursday thereafter on the basis of the average daily reserves maintained during the fourteen day period ending on such Thursday and the average daily net deposit balances for the fourteen day period ending on the Tuesday previous to such Thursday.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-321 - Definitions

6-321.
Definitions
In this article,  unless the context otherwise requires:
1. " Acquire"  as applied to an in-state financial institution means any of the following actions or transactions:
(a) The merger or consolidation of an in-state financial institution with an out-of-state financial institution.
(b) The acquisition by an out-of-state financial institution of the direct or indirect ownership or control of voting shares of an in-state financial institution if,  after the acquisition,  the out-of-state financial institution will directly or indirectly own or control more than twenty-five percent of the outstanding voting shares of the acquired in-state financial institution.
(c) The direct or indirect acquisition of all or substantially all of the assets of an in-state financial institution.
(d) The taking of any other action that would result in the direct or indirect control of an in-state financial institution.
2. " Control"  means direct or indirect ownership of or power to vote twenty-five percent or more of the outstanding voting shares of an in-state financial institution or to control in any manner the election of a majority of the directors of an in-state financial institution.
3. " De novo entry"  means a newly established bank or savings and loan association which is not created through the acquisition of or merger with an in-state financial institution and control is through an out-of-state financial institution.
4. " Filed with the division"  means when the complete application including any amendments or supplements containing all the information in the form required by the division is received by the division.
5. " In-state financial institution"  means a state or federal bank,  savings bank or savings and loan association with its home office in this state,  or holding company with its home office in this state.
6. " Out-of-state financial institution"  means a state or federal bank,  savings bank or savings and loan association with its home office in a state other than this state,  or holding company with its home office in a state other than this state.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-324 - De novo entry by certain financial institutions

6-324.
De novo entry by certain financial institutions
An out-of-state financial institution may establish a bank,  savings and loan association or holding company in this state through de novo entry subject to the applicable laws of this state. An in-state financial institution may not be acquired for operation as a branch by an out-of-state financial institution until it has been in continuous operation for five or more years on the date of the proposed acquisition.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-325 - Failure to act on application as approval

6-325.
Failure to act on application as approval
The deputy director shall rule on any application submitted under section 6-322 not later than sixty days following the date the application is filed with the division. If the deputy director fails to rule on the application within the required sixty-day period,  the failure to rule shall be deemed a final decision of the deputy director approving the application.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-326 - Denial of application; grounds

6-326.
Denial of application;  grounds
The deputy director shall deny an application for acquisition of an in-state financial institution if the deputy director finds any of the following:
1. The financial condition of the acquiring out-of-state financial institution is such that it may jeopardize the financial stability of the in-state financial institution or prejudice the interests of the depositors,  beneficiaries,  creditors or shareholders of the in-state financial institution.
2. Any plan or proposal to liquidate the in-state financial institution,  to merge or consolidate the in-state financial institution or to make any other major change in the business,  corporate structure or management of the in-state financial institution is not fair and reasonable to the depositors,  beneficiaries,  creditors or shareholders of the in-state financial institution.
3. The applicant neglects,  fails or refuses to furnish to the deputy director any information requested by the deputy director.
4. The applicant fails to obtain any required approval from a federal or state agency with authority over any of the financial institutions that are participating in the transaction.
5. The acquisition is contrary to law.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-328 - Deposit concentration limits

6-328.
Deposit concentration limits
A. Neither an out-of-state financial institution nor an in-state financial institution shall acquire another out-of-state financial institution or in-state financial institution if either of the following conditions exist:
1. The resulting out-of-state financial institution,  in-state financial institution or affiliation would control thirty percent or more of the bank deposits held in this state.
2. One of the out-of-state financial institutions or in-state financial institutions in the acquisition already controls thirty percent or more of the bank deposits held in this state.
B. Subsection A of this section does not apply to any interstate acquisition involving only already affiliated entities.
C. The deputy director,  by order and on findings of fact and conclusions of law,  may waive the deposit concentration limit prescribed by subsection A of this section. In determining whether to waive the deposit concentration limit,  the deputy director shall not discriminate against out-of-state financial institutions and shall not grant a waiver unless the deputy director finds that the waiver will promote any of the following:
1. The availability of financial services.
2. The marketability of in-state financial institutions.
3. Another public interest.