Arizona Laws 6-321. Definitions
In this article, unless the context otherwise requires:
Terms Used In Arizona Laws 6-321
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- 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
- Control: means direct or indirect ownership of or power to vote twenty-five percent or more of the outstanding voting shares of an in-state financial institution or to control in any manner the election of a majority of the directors of an in-state financial institution. See Arizona Laws 6-321
- Division: means the financial institutions division within the department. See Arizona Laws 6-101
- Financial institution: means banks, trust companies, savings and loan associations, credit unions, consumer lenders, international banking facilities and financial institution holding companies under the jurisdiction of the department. See Arizona Laws 6-101
- In-state financial institution: means a state or federal bank, savings bank or savings and loan association with its home office in this state, or holding company with its home office in this state. See Arizona Laws 6-321
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Out-of-state financial institution: means a state or federal bank, savings bank or savings and loan association with its home office in a state other than this state, or holding company with its home office in a state other than this state. See Arizona Laws 6-321
1. "Acquire" as applied to an in-state financial institution means any of the following actions or transactions:
(a) The merger or consolidation of an in-state financial institution with an out-of-state financial institution.
(b) The acquisition by an out-of-state financial institution of the direct or indirect ownership or control of voting shares of an in-state financial institution if, after the acquisition, the out-of-state financial institution will directly or indirectly own or control more than twenty-five percent of the outstanding voting shares of the acquired in-state financial institution.
(c) The direct or indirect acquisition of all or substantially all of the assets of an in-state financial institution.
(d) The taking of any other action that would result in the direct or indirect control of an in-state financial institution.
2. "Control" means direct or indirect ownership of or power to vote twenty-five percent or more of the outstanding voting shares of an in-state financial institution or to control in any manner the election of a majority of the directors of an in-state financial institution.
3. "De novo entry" means a newly established bank or savings and loan association which is not created through the acquisition of or merger with an in-state financial institution and control is through an out-of-state financial institution.
4. "Filed with the division" means when the complete application including any amendments or supplements containing all the information in the form required by the division is received by the division.
5. "In-state financial institution" means a state or federal bank, savings bank or savings and loan association with its home office in this state, or holding company with its home office in this state.
6. "Out-of-state financial institution" means a state or federal bank, savings bank or savings and loan association with its home office in a state other than this state, or holding company with its home office in a state other than this state.