Arizona Laws 6-411. Subscription to capital and temporary organization
On receipt of the permit to organize an association, the applicants shall constitute the organization committee and shall perfect a temporary organization by electing a chairman, vice chairman, and a secretary, who shall act as the temporary officers of such association until their successors are duly elected and qualified. Such temporary officers shall proceed to:
Terms Used In Arizona Laws 6-411
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Association: means every association to which this chapter applies as defined in the section concerning scope of chapter. See Arizona Laws 6-401
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
1. Secure subscriptions for the required amount of capital in form and manner approved by the deputy director.
2. Call a meeting of subscribers, who shall adopt articles of incorporation and elect directors to serve until the first annual meeting of the association and until their successors are elected and qualified.
3. The directors so elected shall proceed to:
(a) Organize as a board and qualify as directors.
(b) Adopt by-laws.
(c) Elect officers pursuant to the by-laws.
(d) Collect subscriptions to the required capital, but only after the persons designated to collect such subscriptions have been bonded as provided in section 6-420.
(e) Take such other action as may be necessary to complete the organization.
(f) Report the completion of the organization to the deputy director. Unless such report is made to the deputy director within six months after the date of the permit to organize, the permit shall be deemed revoked and any subscriptions collected shall be refunded unless the deputy director, on good cause shown, shall extend the time for filing such report for a fixed period which shall not exceed three months.