The board of directors of a bank may declare dividends as allowed by the general laws governing Arizona corporations, except that dividends payable other than in the bank’s own stock may be paid out of capital surplus only with the approval of the deputy director.

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Terms Used In Arizona Laws 6-187

  • Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
  • Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101