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.
When all assets have been liquidated and all expenses, claims and holders of withdrawable capital have been paid, dissolution of the association shall be accomplished in the following manner:
1. The liquidators shall file with the superintendent the duly verified final report of their acts and proposed final distribution.
2. Upon the superintendent's approval of the final report, the liquidators shall publish notice of the proposed final distribution and shall allow any holder of shares of guaranty capital to examine the records of the association to ascertain his proper share of such distribution. Any such shareholder who fails to commence, before the date fixed for final distribution, appropriate judicial proceedings to contest such distribution, shall be barred from contesting the same thereafter. The liquidators shall proceed to make final distribution on the date fixed therefor, except that such distribution shall be deferred until final disposition of any pending judicial action affecting the distribution, and payment, of any judgment entered therein.
3. When final distribution has been made, except as to any money due to, but unclaimed by, any creditor, member, or other person, the liquidators shall deposit such unclaimed money with the superintendent, for payment to the person or persons entitled thereto upon application and proof of right as provided by law.
4. The liquidators also shall deliver to the superintendent all books of account and other records of the association, for preservation for at least two years and destruction thereafter as provided by law.
5. Upon completion of the foregoing procedure, the liquidators shall be discharged. The superintendent thereupon shall issue a certificate of dissolution of the association and shall file a copy thereof with the corporation commission and record a copy in the office of the county recorder of each county in which the original articles of incorporation were recorded. Upon such filing and recording, the dissolution shall be effective. No fees shall be required for such filing and recording.