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Court OpinionsState LawsAlabama US Code1 USC - General Provisions US Constitution |
Arizona Revised Statutes - Title 6 Banks and Financial Institutions - Chapter 3 Savings and Loan AssociationsIn this chapter, unless the context otherwise requires: 1. "Account" means withdrawable capital deposited with or invested in an association in accordance with any plan... A. This chapter applies to all existing savings and loan associations, and other similar associations and savings banks by whatever name called, organized under this... Except as authorized under this title: 1. No person or group of persons shall transact business within the scope of this chapter or do any... An association operating under this chapter shall be a body corporate and politic and shall have all of the specific powers conferred by this chapter... A. No insured institution shall borrow an aggregate amount exceeding one half the amount paid in and credited on accounts, except that with prior approval... A. With prior approval of the superintendent an association may issue and sell its capital notes or debentures. B. Capital notes and debentures legally issued... An association also shall have any power conferred on a corporation by the general corporation laws of the state, and any power not prohibited by... A. Any five or more adult individuals, residents of this state, may apply for a permit to organize an association under this article. The minimum... The application for a permit to organize an association shall be addressed to the superintendent in such form as he shall provide; shall be in... If the superintendent does not deny the application on the basis of the data submitted by the applicants and any other information in his possession,... The superintendent shall not approve the application and issue a permit to organize unless he shall find: 1. A need exists for an association, and... Upon receipt of the permit to organize an association, the applicants shall constitute the organization committee and shall perfect a temporary organization by electing a... A. When the board of directors has organized as provided in this chapter and the report of such organization has been filed with the superintendent,... A. The articles of incorporation shall set forth: 1. The name of the association. 2. The location of the principal place of business. 3. The... A. The membership of an association shall consist of: 1. Every holder of an account or one or more shares of guaranty capital issued by... A. Each annual meeting of the members shall be held at the time specified in the articles of incorporation; but the failure to hold an... 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... 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:... Whenever notice is required to be given under this chapter, a waiver thereof in writing signed by the person or persons entitled to said notice... 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... 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... A. Every member or holder of capital shall have the right to inspect such books and records of the association as pertain to his account.... 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... A. An association may maintain all types of deposit accounts and prescribe those terms and conditions relating to the accounts as are permissible for the... 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,... A. An association may provide for the issuance of shares of guaranty capital, either by its original articles of incorporation or by an amendment thereto.... When an association already in operation amends its articles of incorporation to authorize the issuance of shares of guaranty capital, or when an association already... 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... 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... 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... 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... 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,... A. If the holder in his own right of an account becomes disabled and a conservator has been appointed, by a court of competent jurisdiction,... A. All accounts of a federal savings and loan association and all accounts of a savings and loan association operating under the provisions of this... A. A holder of an account may make application for withdrawal of, and the association may pay, all or any part of the withdrawal value... 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... 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... An association may charge initial membership fee and a fee for transfer of membership or capital, as may be authorized by the by-laws, but no... 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,... 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... 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... 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.... After the effective date hereof, an association shall not give for the opening of, or increasing the amount of, any account, any give-away that has... A. An association may invest funds as follows: 1. In an account of any state or federal association, the accounts of which are insured by... A. Each loan, and any agreement for securing the same, shall be evidenced by one or more written instruments, consistent with sound lending practices in... 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... An association may contract to service a loan in any manner unless restricted by regulations prescribed by the superintendent and shall require sufficient compensation to... 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... An association may invest in land upon which to erect an office building, an office building or buildings and appurtenances, for the transaction of such... 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... 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... Every appraisal or reappraisal of property which an association is required to make shall be made as follows: 1. In accordance with the superintendent's rules... 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... 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... 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... 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... 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... A. Any federal association may become an association operating under this chapter, pursuant to the laws and regulations of the United States and in accordance... When an association effects a conversion in accordance with either of the two preceding sections, the corporate functions of such association shall not be interrupted;... A. An association operating under this chapter may merge into or with one or more associations, whether operating under this chapter or otherwise, or into... A. The continuing association or corporation shall be considered the same business and corporate entity as each merging association or corporation, with all of the... An association may liquidate voluntarily in accordance with a plan of voluntary liquidation which has been adopted in the manner provided in this article. A. At any annual or special meeting of the members, the members may vote to liquidate the association, and may adopt a plan of liquidation... A. Upon adoption of a plan of voluntary liquidation, the members shall proceed to elect, with cumulative voting permitted as in elections of directors, not... The liquidators are authorized to advance funds of the association and to take such other action as is advisable to preserve, protect, or purchase at... A. The liquidators shall fix a time for all persons having claims against the association, other than as members thereof, to present such claims, and... When all assets have been liquidated and all expenses, claims and holders of withdrawable capital have been paid, dissolution of the association shall be accomplished... A. Every association shall maintain in this state a detailed record of all transactions of the association at its home office, or at a branch... A. A branch office is a legally established place of business of the association, other than the home office, authorized by the board of directors... The superintendent shall make a report of each examination to the board of directors of the association examined, and if the affairs of the association... An audit of the affairs of the association shall be made annually as of the end of its fiscal year by or under the direction... A. Every association operating under this chapter shall file with the superintendent within sixty days following the close of each fiscal year of such association,... The superintendent may give copies of reports of his examinations of an association, and copies of the association's reports to him, and any other information... A. If the court grants a petition for receivership filed by the superintendent, the superintendent shall be appointed as receiver and may forthwith take possession... A. The liquidation under this article of an association, and a receivership thereof, may, at the discretion of the receiver or receivers, be conducted and... No person shall use the name "building and loan company", "building and loan association", "savings and loan company", or "savings and loan association" unless complying... A. When the business, property and affairs of any association are in the possession of the superintendent for liquidation, or when an association is in... A. A plan may be proposed by the superintendent or by an association subject to the approval of the superintendent. If proposed by an association,... A. At the time and place fixed for the hearing, or at the time and place to which the hearing may be continued by the... A. After completion of the hearing provided by section 6-488, the court shall approve, modify or disapprove the plan. The plan shall not become operative... A. The consents required by section 6-489 may be given before the plan is presented to the court, or after the presentation and before the... A. When a plan has been approved by the court and the required consents given, the plan shall be binding upon the superintendent, the association,... A. An appeal from an order of the superior court approving a plan shall not be effectual for any purpose, unless within thirty days after... A. The term "securities", as used in this article in respect to any plan, includes not only shares of guaranty capital and evidences of accounts... An executor, administrator, guardian, receiver, trustee of any kind or nature, and an insurance company may consent to any plan or exchange any shares of... The legislature shall have power to amend, repeal, or modify this chapter, and such amendments or modifications shall be binding upon any and all associations... Whenever in any statute the terms "savings and loan", "building and loan", "mutual building and loan", or other similar names are used with reference to... With respect to any existing association: 1. The valid articles of incorporation, bylaws, shares, contracts and obligations of such association shall continue in full force... Last modified: February 19, 2012 |
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