Arizona Laws 6-273. Form of reserves; limitations
Legal reserves shall consist of:
Terms Used In Arizona Laws 6-273
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
- Writing: includes printing. See Arizona Laws 1-215
1. Cash.
2. Cash items in the process of collection payable immediately on presentation in the United States.
3. Unpledged obligations of the United States maturing not more than six months after the date the obligation is used for reserve purposes at par.
4. Net deposit balances with each reserve depository in this state, exclusive of deposits not payable on demand unless evidenced by a negotiable certificate of deposit maturing not more than six months from the date the certificate is used for reserve purposes.
5. Net deposit balances with each out-of-state reserve depository, exclusive of deposits not payable on demand unless evidenced by a negotiable certificate of deposit maturing not more than six months after the date the certificate is used for reserve purposes, in an amount either approved by the deputy director in writing or not more than the amount fully insured by the federal deposit insurance corporation or the national credit union administration or any successor agency.