Arizona Laws 6-205. Term of permit; surrender; revocation
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A. A banking permit shall be valid until surrendered to the deputy director or revoked by the deputy director.
Terms Used In Arizona Laws 6-205
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
B. A banking permit may not be surrendered to the deputy director until such time as the deputy director finds that all of the deposit liabilities of the bank have been satisfied in full or assumed by another bank.
C. A banking permit expires automatically when a bank is placed in receivership.