A person shall not directly or indirectly acquire control of a bank, trust company, savings bank, savings and loan association or controlling person, except with the approval of the deputy director or as otherwise allowed by this article.

Terms Used In Arizona Laws 6-142

  • Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
  • Control: means direct or indirect ownership of or power to vote twenty-five percent or more of the outstanding voting securities of a bank, trust company, savings and loan association or controlling person or to control in any manner the election of a majority of the directors of a bank, trust company, savings and loan association or controlling person. See Arizona Laws 6-141
  • Controlling person: means any person directly or indirectly in control of a bank, trust company or savings and loan association. See Arizona Laws 6-141
  • Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
  • Person: means an individual, corporation, partnership, association, trust or agency or any similar entity. See Arizona Laws 6-141
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