Arizona § 6-217 Emergency acquisition of in-state financial institution

Arizona Statutes

§ 6-217 — Emergency acquisition of in-state financial institution

Arizona·Title 6 Arizona Revised Statutes·Ch. 2 BANK ORGANIZATION AND REGULATION·Art. 3 Merger, Consolidation and Conversion of National and State Banks

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.

Free access — add to your briefcase to read the full text and ask questions with AI

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.

Arizona § 6-217 (Emergency acquisition of in-state financial institution) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.