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.
6-1104 - Acquisition of control; approval by superintendent
6-1104. Acquisition of control; approval by superintendent
A. A person shall not, directly or indirectly, make a tender offer for, request or invite a tender offer for, offer to exchange securities for or acquire in the open market or otherwise any voting security or any security convertible into a voting security of a financial institution or controlling person if the transaction would result in the person becoming a financial institution holding company unless the superintendent has approved the acquisition of control pursuant to this article. This section does not prohibit a person from negotiating or entering into agreements subject to the condition that the acquisition of control is not effective until approval of the superintendent pursuant to this article is obtained.
B. A person who has been approved pursuant to this article is not required to make a subsequent application pursuant to this article to acquire additional control or fractions of control of the financial institution or controlling person for which it was approved if the person has remained in continuous control of the financial institution or controlling person.