A bank may voluntarily dissolve and wind up its affairs as any other corporation under the provisions of title 10, but a plan of liquidation or dissolution shall not be submitted to the stockholders until the deputy director on application by the bank finds that the bank has assets of such a form and amount as to allow the satisfaction in full of the claims of all depositors in accordance with their rights and that the plan contains proper provision for the satisfaction.

Terms Used In Arizona Laws 6-395.13

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
  • 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
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