Arizona Laws 6-153. Acquisition of voting securities in violation of article; limitation on rights as shareholder; injunction
A. With respect to any voting security acquired in violation of this article or any rule or order of the deputy director, a person shall not be entitled to vote or give a written proxy or consent for a period of five years after such acquisition except with the written consent of the deputy director. If a voting security of a bank, trust company, savings and loan association or controlling person is acquired in violation of this article or any rule or order, any shareholder of such bank, trust company, savings and loan association, or controlling person or the deputy director may apply to the superior court for injunctive or other equitable relief, including costs and reasonable attorney fees, to enjoin prospectively any person from voting or giving any written proxy or consent with respect to such voting security for a period of five years after such acquisition except with the written consent of the deputy director. The deputy director may apply to the superior court for injunctive or other relief, including costs, to void any vote or any giving of a written proxy or consent with respect to such security that has occurred since such acquisition, except that no vote may be voided if the court finds that to void such vote would not be in the interest of the depositors, beneficiaries, creditors or shareholders of the bank, trust company, savings and loan association or controlling person, or in the public interest.
Terms Used In Arizona Laws 6-153
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- 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
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Person: means an individual, corporation, partnership, association, trust or agency or any similar entity. See Arizona Laws 6-141
- Voting security: means any security presently entitling the owner or holder of such security to vote for the election of directors of a bank, trust company, savings and loan association or controlling person, excluding, in the case of a savings and loan association, votes attributable to savings accounts. See Arizona Laws 6-141
B. An application for consent of the deputy director may be filed with the deputy director by any person and shall be granted or denied within thirty days. In giving consent, the deputy director may require such conditions as the deputy director deems reasonable, necessary or otherwise in the public interest. Except as provided in Section 41-1092.08, subsection H, the action of the deputy director shall be an order subject to judicial review pursuant to Title 12, Chapter 7, Article 6 if the complaint seeking review is filed with the superior court in Maricopa county.
C. A civil action shall not be brought to void any vote pursuant to subsection A of this section unless commenced within one year after the transaction which constituted a violation of this article or any rule or order of the deputy director.