Arizona Laws 6-1104. Acquisition of control; approval by deputy director
A. A person shall not, directly or indirectly, make a tender offer for, request or invite a tender offer for, offer to exchange securities for or acquire in the open market or otherwise any voting security or any security convertible into a voting security of a financial institution or controlling person if the transaction would result in the person becoming a financial institution holding company unless the deputy director has approved the acquisition of control pursuant to this article. This section does not prohibit a person from negotiating or entering into agreements subject to the condition that the acquisition of control is not effective until approval of the deputy director pursuant to this article is obtained.
Terms Used In Arizona Laws 6-1104
- 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
- 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
- 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
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- 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
B. A person who has been approved pursuant to this article is not required to make a subsequent application pursuant to this article to acquire additional control or fractions of control of the financial institution or controlling person for which it was approved if the person has remained in continuous control of the financial institution or controlling person.