Arizona Revised Statutes § 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 which 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 superintendent may permit 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.

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Last modified: October 13, 2016