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.
A. The board of directors, when authorized by the by-laws, and in conformity with the provisions of this section and of the by-laws, may retire on any dividend payment date any accounts, which have not been pledged as security for loans, by enforcing the retirement thereof.
B. Thirty days' prior written notice of such enforced retirement shall be given to the holder of an account to be retired and the holder shall not be entitled to further dividends after the dividend payment date on which such account is to be retired, but such holder shall be paid the full withdrawal value of his account plus the dividend apportioned thereto as of the date fixed for retirement. All accounts upon which applications for voluntary withdrawal have been received, and all shares which have matured, shall be paid first in accordance with the provisions of this article.