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.
In this article, unless the context otherwise requires:
1. "Capital" means the aggregate primary capital and secondary capital.
2. "Obligation" means a primary or contingent liability for the payment of money.
3. "Person" includes an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership, joint venture or association or any other legal or commercial entity.
4. "Primary capital" means the aggregate of the following:
(a) Common and perpetual preferred stock.
(b) Capital surplus.
(c) Undivided profits.
(d) Contingency and other capital reserves.
(e) The allowance for loan and lease losses.
(f) Mandatory convertible debt only to the extent that it does not exceed twenty per cent of the aggregate of subdivisions (a) through (e) of this paragraph.
5. "Secondary capital" means the aggregate of the following:
(a) Limited life preferred stock.
(b) Subordinated notes and debentures.
(c) Mandatory convertible debt not included in primary capital.