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 may appoint a trust committee. The trust committee shall be comprised solely of directors, officers, employees or any combination thereof. The committee may be authorized to act for the company in matters dealing with the initial and annual reviews of accounts, account acceptance and investment strategies. The trust committee shall keep a record of its actions and shall report in writing to the board on all actions since the previous board meeting. The board shall ratify or rescind each action.
B. The trust committee shall meet at least once a month to review existing accounts and to consider acceptance of new accounts. The trust committee shall not accept a new account unless it is approved by a majority of the members of the trust committee present at the meeting in which the new account is considered.