The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
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. If the board of directors determines at any time that funds are available in excess of the demands and needs of the corporation, the corporation may invest such funds as follows:
1. In an account of any bank or savings and loan association authorized to do business in Arizona.
2. In obligations of or fully guaranteed by the United States government.
3. Bonds or other direct obligations of or guaranteed as to principal and interest by this state.
4. Bonds or other evidences of indebtedness which are direct general obligations of any county, incorporated city or town, school district, or other political subdivision or municipal corporation of this state.
B. A corporation shall not deposit or invest any of its funds in any bank or savings and loan association unless such institution has been designated as a depository by a vote of the majority of the directors of the corporation, exclusive of any director who is an officer or director of the depository so designated. A corporation shall not receive money on deposit.
C. A corporation shall not make any loan, directly or indirectly, to any of its officers or directors or to any person, corporation or other form of organization in which such officer or director is a member, director or officer or in which such officer or director has any interest, direct or indirect, financial or otherwise, except when a full and complete disclosure of the relationship is made at a regularly called meeting of the board of directors of the corporation, entered upon the minutes, and voted on by secret ballot with the officer or director making such disclosure refraining from voting on the motion.