Arizona Laws 6-141. Definitions
In this article, unless the context otherwise requires:
Terms Used In Arizona Laws 6-141
- Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
- Control: means direct or indirect ownership of or power to vote twenty-five percent or more of the outstanding voting securities of a bank, trust company, savings and loan association or controlling person or to control in any manner the election of a majority of the directors of a bank, trust company, savings and loan association or controlling person. See Arizona Laws 6-141
- Controlling person: means any person directly or indirectly in control of a bank, trust company or savings and loan association. See Arizona Laws 6-141
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual, corporation, partnership, association, trust or agency or any similar entity. See Arizona Laws 6-141
1. "Acquisition of control" means any transaction whereby a person obtains, directly or indirectly, control of a bank, trust company, savings and loan association or controlling person.
2. "Control" means direct or indirect ownership of or power to vote twenty-five percent or more of the outstanding voting securities of a bank, trust company, savings and loan association or controlling person or to control in any manner the election of a majority of the directors of a bank, trust company, savings and loan association or controlling person. For the purposes of determining the percentage of voting securities owned, controlled or held by a person, there shall be aggregated with the voting securities attributed to such person the voting securities of any other person directly or indirectly controlling, controlled by or under common control with such other person or by any officer, partner, employee or agent of such person, or by any spouse, parent or child of such person.
3. "Controlling person" means any person directly or indirectly in control of a bank, trust company or savings and loan association.
4. "Person" means an individual, corporation, partnership, association, trust or agency or any similar entity.
5. "Voting security" means any security presently entitling the owner or holder of such security to vote for the election of directors of a bank, trust company, savings and loan association or controlling person, excluding, in the case of a savings and loan association, votes attributable to savings accounts. A specified percentage of outstanding voting securities means such amount of the outstanding voting securities as entitles the holder or holders of such securities to cast that specified percentage of the aggregate votes that the holders of all the outstanding voting securities are entitled to cast.