Arizona Laws 6-215. Retention of nonconforming assets; permission; maximum value
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If a merging or converting bank has assets that do not conform to the requirements of law for a state bank or if assets acquired by a state bank in the transaction of its assuming deposit liabilities of another bank do not conform to such legal requirements, the deputy director may allow the resulting bank to retain such assets for a reasonable time, but shall fix the maximum value at which the assets may be carried by the resulting or assuming bank.
Terms Used In Arizona Laws 6-215
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Resulting bank: means the bank resulting from a merger or conversion. 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