Arizona § 6-153 - Acquisition of voting securities in violation of article; limitation on rights as shareholder; injunction

§ 6-153. 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 shall not be entitled to vote or give a written proxy or consent for a period of five years after such acquisition except with the written consent of the deputy director.  If a voting security of a bank, trust company, savings and loan association or controlling person is acquired in violation of this article or any rule or order, any shareholder of such bank, trust company, savings and loan association, 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 such voting security for a period of five years after such 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 such security that has occurred since such acquisition, except that no vote may be voided if the court finds that to void such vote would not be in the interest of the depositors, beneficiaries, creditors or shareholders of the bank, trust company, savings and loan association or controlling person, or in the public interest.

B. An application for consent of the deputy director may be filed with the deputy director by any person and shall be granted or denied within thirty days. In giving consent, the deputy director may require such conditions as the deputy director deems reasonable, necessary or otherwise in the public interest. Except as provided in section 41-1092.08, subsection H, the action of the deputy director shall be an order 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. A civil action shall not be brought to void any vote pursuant to subsection A of this section unless commenced within one year after the transaction which constituted a violation of this article or any rule or order of the deputy director.