A. When the board of directors has organized as provided in this chapter and the report of such organization has been filed with the superintendent, he shall make a thorough examination into the affairs of the proposed association, and if he approves the articles of incorporation and is satisfied that all the requirements of this chapter have been complied with, and that no intervening circumstance has occurred to change the superintendent’s findings made pursuant to this chapter, upon payment into the superintendent’s office of the fees for such examination, he shall issue a certificate authorizing the filing of the articles of incorporation with the corporation commission and the taking of the other steps required by title 10, to complete the formation of a corporation. Upon the appointment of a statutory agent and the issuance of a certificate of incorporation by the corporation commission and the payment into escrow with a responsible corporate escrow agent approved by the superintendent of the amount of the initial capital required by this chapter, the superintendent shall issue a permit conditioned upon the association securing within twelve months from the date of such permit insurance of its insurable accounts by an insurance corporation and the rules and regulations of such corporation.
Terms Used In Arizona Laws 6-412
- Association: means every association to which this chapter applies as defined in the section concerning scope of chapter. See Arizona Laws 6-401
- 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.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- 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 superintendent. See Arizona Laws 6-401
- Superintendent: means the superintendent of financial institutions. See Arizona Laws 6-101
- Title: includes this title, title 32, chapters 9 and 36 and title 44, chapter 2. See Arizona Laws 6-101
B. Unless such insurance is secured within such period the permit shall be deemed revoked unless the superintendent, upon good cause shown, shall extend the time for securing such insurance for a single fixed period which shall not exceed six months. The association shall not operate as a savings and loan association under the laws of this state or transact any other business than that necessary to secure such insurance until it has secured such insurance. If such insurance is not secured within the time provided by this chapter or as extended by the superintendent, all amounts collected as subscriptions to the required capital shall be returned to the subscribers without reduction.