Arizona Laws 6-144. Acquisition of control; approval of deputy director
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 bank, trust company, savings and loan association or controlling person if such a transaction would result in the person acquiring control of a bank, trust company or savings and loan association or controlling person unless the deputy director has approved such acquisition of control, except that this section does not prohibit a person from negotiating or entering into agreements subject to the condition that the acquisition of control will not be effective until approval of the deputy director is obtained.
Terms Used In Arizona Laws 6-144
- 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. See 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
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- Person: means an individual, corporation, partnership, association, trust or agency or any similar entity. See Arizona Laws 6-141
- 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. See Arizona Laws 6-141