Arizona Laws 6-1103. Exempt persons and transactions
A. This article does not apply to the following persons or transactions of the type specified:
Terms Used In Arizona Laws 6-1103
- Acquisition of control: means a transaction by which a person obtains, directly or indirectly, control of a financial institution. See Arizona Laws 6-1101
- Application: means an application which is made pursuant to this article for approval of the deputy director to become a financial institution holding company. See Arizona Laws 6-1101
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Control: means direct or indirect ownership or power to vote twenty-five percent or more of the outstanding voting securities of a financial institution or controlling person or to control in any manner the election of a majority of the directors of a financial institution or controlling person. See Arizona Laws 6-1101
- Controlling person: means a person who is directly or indirectly in control of a financial institution. See Arizona Laws 6-1101
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- Devise: To gift property by will.
- Financial institution: means a bank, trust company, savings and loan association, international banking facility and holding company of a bank, trust company, savings and loan association and international banking facility under the jurisdiction of the department. See Arizona Laws 6-1101
- Financial institution holding company: means a corporation, trust, association, partnership or similar organization that directly or indirectly, acting through one or more persons, controls a financial institution or a controlling person. See Arizona Laws 6-1101
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Trustee: A person or institution holding and administering property in trust.
- Voting security: means any security presently entitling the owner or holder of the security to vote for the election of directors of a financial institution or controlling person, excluding, in the case of a savings and loan association, votes attributable to savings accounts. See Arizona Laws 6-1101
- Writing: includes printing. See Arizona Laws 1-215
1. A registered dealer who acts as an underwriter or member of a selling group in a public offering of the voting securities of a financial institution or controlling person.
2. A person who acts as proxy for the sole purpose of voting at a designated meeting of the security holders of a financial institution or controlling person.
3. A person who acquires control of a financial institution or controlling person by devise or descent, except that the person shall divest himself of such control not more than two years after the date of the acquisition unless the acquisition of control is approved by the deputy director pursuant to this article.
4. A person who acquires control of a financial institution or controlling person as a personal representative, custodian, guardian or conservator appointed by a court or as a trustee, a receiver or other officer appointed by a court.
5. A pledgee of a voting security of a financial institution or controlling person who does not have the right, as pledgee, to vote the voting security.
6. A person who acquires control of a financial institution or controlling person through the collection of a debt previously contracted in good faith, except that the person shall divest himself of such control not more than two years after the date of the acquisition unless the acquisition of control is approved by the deputy director pursuant to this article.
B. A person or transaction that the deputy director by rule or order exempts as not being necessary or appropriate in the public interest or for the protection of a financial institution or the depositors, beneficiaries, creditors or shareholders of the financial institution is exempt from this article.
C. A person, before filing an application for approval pursuant to this article, may request in writing a determination from the deputy director as to whether the person, on consummation of a proposed transaction, will be in control. On such a request, the deputy director may enter an order that the person will not be in control, in which event the proposed transaction is an exempt transaction under this article.
D. This article does not supersede, rescind or modify any provision, requirement or condition of this title that would otherwise be applicable to any acquisition of a financial institution by a financial institution holding company. This article does not supersede, rescind or modify any provision, requirement or condition that would otherwise be applicable to any merger of financial institutions or the acquisition or sale of all or substantially all of the assets of the financial institution, except that an approval obtained pursuant to this article satisfies the requirements of chapter 1, article 4 of this title.