The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 54th Legislature, 2nd Regular Session, which convenes in January 2020.
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.
6-353 - Obligations of directors, officers and employees; reports
6-353. Obligations of directors, officers and employees; reports
A. No bank shall make any loan to any of its own directors, officers or employees which shall cause the outstanding loans of the bank to such person to exceed one per cent of the capital account of the bank unless the loan is expressly authorized by the board of directors with any interested director taking no part in such vote. Any loan in violation of this subsection shall be payable on demand to the extent required to bring the loan into compliance with this subsection.
B. Each bank shall include with but not as a part of each report of condition to the superintendent a report of the obligations to the bank of each director and officer outstanding at the date of the report of condition, if the aggregate obligations of such person, exclusive of obligations outstanding in the regular process of bank collection transactions, exceeds the lesser of fifty thousand dollars or one per cent of the capital account of the bank.