The Arizona Revised Statutes have been updated to include the revised sections from the 55th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 55th Legislature, 2nd Regular Session, which convenes in January 2022.
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.
6-1112. Acquisition of voting securities in violation of article; limitation on rights as shareholder; injunction
A. With respect to any voting security acquired in violation of this article or any rule or order of the deputy director, a person is not entitled to vote or give a written proxy or consent for a period of five years after the acquisition except with the written consent of the deputy director. If a voting security of a financial institution or controlling person is acquired in violation of this article or any rule or order, any shareholder of the financial institution or controlling person or the deputy director may apply to the superior court for injunctive or other equitable relief, including costs and reasonable attorney fees, to enjoin prospectively any person from voting or giving any written proxy or consent with respect to the voting security for a period of five years after the acquisition except with the written consent of the deputy director. The deputy director may apply to the superior court for injunctive or other relief, including costs, to void any vote or any giving of a written proxy or consent with respect to the security that has occurred since the acquisition, except that the court may not void the vote if the court finds that to void the vote would not be in the interest of the depositors, beneficiaries, creditors or shareholders of the financial institution or controlling person or in the public interest.
B. A person may file an application for consent of the deputy director with the deputy director and the deputy director shall grant or deny the application within thirty days. In giving consent, the deputy director may require those conditions that the deputy director deems reasonable, necessary or otherwise in the public interest. Except as provided in section 41-1092.08, subsection H, the final action of the deputy director is subject to judicial review pursuant to title 12, chapter 7, article 6 if the complaint seeking review is filed with the superior court in Maricopa county.
C. No civil action may be brought to void any vote pursuant to subsection A of this section unless commenced within one year after the transaction that constituted a violation of this article or any rule or order of the deputy director.