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.
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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.
6-486 - Rehabilitation of associations; definition
6-486. Rehabilitation of associations; definition
A. If the business, property and affairs of any association are in the possession of the deputy director for liquidation, or if an association is in an unsafe or unsound condition, the association may be rehabilitated, readjusted or reorganized in accordance with any plan proposed and approved as provided in this article.
B. Without limiting the generality of the foregoing provisions of this article, a plan may provide in respect to all or any part of the business, property or affairs of the association for any one or more of the following:
1. The retention thereof by the deputy director as a conservator, if the business, property or affairs are in the deputy director's possession for liquidation.
2. The delivery thereof to the deputy director as a conservator, or for liquidation.
3. The transfer thereof to any person or to a trustee.
C. For the purposes of this article, "plan" means a plan for the rehabilitation, readjustment or reorganization of an association or for the readjustment, modification or reorganization of the rights or interests of any or all of the investors and creditors of, or other persons, interested in the association.