A. When the business, property and affairs of any association are in the possession of the superintendent for liquidation, or when an association is in an unsafe or unsound condition, the association may be rehabilitated, readjusted or reorganized in accordance with any plan proposed and approved as provided in this article.

Terms Used In Arizona Laws 6-486

  • Association: means every association to which this chapter applies as defined in the section concerning scope of chapter. See Arizona Laws 6-401
  • Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
  • plan: as used in this article means a plan for the rehabilitation, readjustment or reorganization of an association or for the readjustment, modification or reorganization of the rights or interests of any or all of the investors and creditors of, or other persons, interested in the association. See Arizona Laws 6-486
  • Property: includes both real and personal property. See Arizona Laws 1-215
  • superintendent: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
  • Trustee: A person or institution holding and administering property in trust.

B. The term "plan" as used in this article means a plan for the rehabilitation, readjustment or reorganization of an association or for the readjustment, modification or reorganization of the rights or interests of any or all of the investors and creditors of, or other persons, interested in the association.

C. Without limiting the generality of the foregoing provisions of this article, a plan may provide in respect to all or any part of the business, property or affairs of the association for any one or more of the following:

1. The retention thereof by the superintendent as a conservator, if the business, property or affairs are in his possession for liquidation.

2. The delivery thereof to the superintendent as a conservator, or for liquidation.

3. The transfer thereof to any person or to a trustee.