Arizona Laws 6-469. Election of liquidators; report; supervision
A. On adoption of a plan of voluntary liquidation, the members shall proceed to elect, with cumulative voting allowed as in elections of directors, not more than three liquidators, who shall have full power to execute the plan. The procedure thereafter shall be as follows:
Terms Used In Arizona Laws 6-469
- Association: means every association to which this chapter applies as defined in the section concerning scope of chapter. See Arizona Laws 6-401
- 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
- Insured association: means an association, the accounts of which are insured wholly or in part by an insurance corporation. See Arizona Laws 6-401
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
1. A report of proceedings at the meeting of members, certified by the presiding officer of the meeting and attested by the secretary of the meeting, and setting forth the notice given and time of mailing thereof, the vote on the plan of voluntary liquidation, the total number of votes that all members of the association were entitled to cast thereon, and the names of the liquidators elected, shall be filed in triplicate with the deputy director, together with the plan.
2. If the deputy director finds that the plan and proceedings are in accordance with this article, that the bonds of the liquidators are sufficient, and that the plan is not unfair to any person affected, the deputy director shall attach the deputy director’s certificate of approval to the plan and shall forward one copy to the liquidators, and in the case of an insured association, one copy to the insurance corporation.
3. The expenses of any examination made by or at the direction of the deputy director in connection with any voluntary dissolution shall be paid as a claim by the liquidators in accordance with the fees fixed for special examinations by section 6-125.
4. The plan shall become effective on filing with the corporation commission of the deputy director’s certificate of approval.
B. The liquidation of the association shall be subject to the supervision and examination of the deputy director.