An association operating under this chapter shall be a body corporate and politic and shall have all of the specific powers conferred by this chapter and as provided for under the general laws of this state and, in addition to these powers, the following powers:

Terms Used In Arizona Laws 6-404

  • Association: means every association to which this chapter applies as defined in the section concerning scope of chapter. See Arizona Laws 6-401
  • 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.
  • Insurance corporation: means the federal deposit insurance corporation or such other instrumentality of, or corporation chartered by, the United States as may be established for the purpose of insuring the accounts of savings and loan associations or any other equivalent deposit insurer approved by the deputy director. See Arizona Laws 6-401
  • United States: includes the District of Columbia and the territories. See Arizona Laws 1-215

1. To obtain and maintain insurance of the association’s accounts by an insurance corporation, as defined in this chapter, and to comply with all the regulations and requirements of such insurance corporation.

2. Notwithstanding the provisions of article 4 of this chapter, to designate part or all of the guaranty capital of the association as part of its federal insurance reserve established for the sole purpose of absorbing losses which the insurance corporation may require.

3. To become a member of a federal home loan bank and to have all powers of such a member which are not inconsistent with the provisions of this chapter.

4. To act as a fiscal agent for the United States when duly designated for that purpose, and as such agent to perform such reasonable functions as may be required of it.

5. To become a member of or deal with any corporation or agency of the United States to the extent that such agency assists in furthering or facilitating the association’s purposes or powers, and to that end to purchase stock or securities thereof or deposit money therewith and to comply with any other conditions of membership or credit.

6. To make donations in reasonable amounts for the public welfare or for charitable, scientific, religious or educational purposes.

7. To adopt and operate reasonable insurance, bonus, profit sharing and retirement plans for officers and employees.

8. To reject any application for membership, to retire accounts by enforced retirement as provided in this chapter and the bylaws and to limit the issuance of or payments on accounts, subject however to contractual obligations.

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