Arizona Laws 6-395.02. Federal deposit insurance corporation as receiver
Current as of: 2024 | Check for updates
|
Other versions
If the court grants the application for receivership of a bank it shall first tender the appointment as receiver to the federal deposit insurance corporation, which is authorized to qualify and act without bond. If the corporation accepts the appointment it shall have all of the powers, privileges and duties as such receiver provided by the laws of this state except insofar as such powers, privileges and duties are in conflict with the provisions of the federal deposit insurance act as amended, which act shall control. If the corporation does not accept the appointment, the deputy director shall be appointed receiver.
Terms Used In Arizona Laws 6-395.02
- Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101