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.
6-453 - Purchase of real estate for office and rental purposes
6-453. Purchase of real estate for office and rental purposes
An association may invest in land upon which to erect an office building, an office building or buildings and appurtenances, for the transaction of such association's business, or for the transaction of such business and for rental, but no such investment may be made if the total amount of all investments of the association in such building or buildings exceeds the aggregate amount of the association's outstanding shares of guaranty capital, reserves available for losses and surplus, unless the superintendent, upon a proper showing, shall approve a larger amount consistent with the needs of the association's business and its immediate expansion. An association shall not purchase an office building, or any part thereof, or land upon which to erect an office building, from an affiliated institution, from an officer, director or employee of such association, or from a corporation or association in which any officer, director or employee is a stockholder or is an officer, director or employee, or from a partnership in which any officer, director or employee is a partner, without the prior written approval of the superintendent.