Arizona § 6-353 Obligations of directors, officers and employees; reports

Arizona Statutes

§ 6-353 — Obligations of directors, officers and employees; reports

Arizona § 6-353

Title 6Arizona Revised Statutes

Ch. 2BANK ORGANIZATION AND REGULATION

Art. 9Loans

This text of Arizona § 6-353 (Obligations of directors, officers and employees; reports) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 6-353 (2026).

Text

A.No bank shall make any loan to any of its own directors, officers or employees that shall cause the outstanding loans of the bank to such person to exceed one percent of the capital account of the bank unless the loan is expressly authorized by the board of directors with any interested director taking no part in such vote. Any loan in violation of this subsection shall be payable on demand to the extent required to bring the loan into compliance with this subsection.

B.Each bank shall include with but not as a part of each report of condition to the deputy director a report of the obligations to the bank of each director and officer outstanding at the date of the report of condition, if the aggregate obligations of such person, exclusive of obligations outstanding in the regular proc

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A. No bank shall make any loan to any of its own directors, officers or employees that shall cause the outstanding loans of the bank to such person to exceed one percent of the capital account of the bank unless the loan is expressly authorized by the board of directors with any interested director taking no part in such vote. Any loan in violation of this subsection shall be payable on demand to the extent required to bring the loan into compliance with this subsection.

B. Each bank shall include with but not as a part of each report of condition to the deputy director a report of the obligations to the bank of each director and officer outstanding at the date of the report of condition, if the aggregate obligations of such person, exclusive of obligations outstanding in the regular process of bank collection transactions, exceeds the lesser of $50,000 or one percent of the capital account of the bank.