Nothing in the law of this state shall restrict the right of a state bank to merge with or convert into a national bank. The action to be taken by such merging or converting state bank and its rights and liabilities and those of its stockholders shall be as prescribed at the time of the action by the law of the United States, but the state bank shall give notice to the deputy director of the adoption by its board of directors of any plan of merger or conversion.

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Terms Used In Arizona Laws 6-212

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • 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.
  • Merger: includes consolidation. See Arizona Laws 6-211
  • State bank: means a corporation holding a banking permit under the laws of this state. See Arizona Laws 6-211
  • United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
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