The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 55th Legislature, 1st Regular Session, which convenes in January 2021.
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
6-217 - Emergency acquisition of instate financial institution
6-217. Emergency acquisition of in-state financial institution
A. Notwithstanding any other provisions of law, an in-state financial institution or out-of-state financial institution may acquire an in-state financial institution if the superintendent determines that both of the following exist:
1. The in-state financial institution proposed to be acquired is in danger of being placed in receivership by the superintendent or the relevant federal agency.
2. The acquisition is necessary to protect the financial interests of the in-state financial institution's depositors and creditors.
B. The superintendent shall make his final determination under this section in writing.