Arizona § 6-468 - Decision to liquidate; adoption of plan

§ 6-468. Decision to liquidate; adoption of plan

A. At any annual or special meeting of the members, the members may vote to liquidate the association, and may adopt a plan of liquidation that has been approved by the board of directors, or proposed by one or more shareholders, or submitted by the deputy director or may elect a committee of three persons to prepare and submit a plan, and thereafter may adopt such plan. No plan except one submitted by the deputy director shall be adopted unless it has been filed with the deputy director at least ten days before the vote of the members is taken thereon.

B. A plan will be adopted on receiving in the affirmative two-thirds or more of the total number of votes that all members of the association are entitled to cast.

C. The plan of voluntary liquidation shall provide for the full liquidation of the association, setting forth the powers, duties, manner of filling vacancies, and succession of the liquidators and authorizing them to:

1. Advance funds of the association to preserve, protect, or purchase at any sale any asset in which the association has an interest.

2. Sell, convey, lease, mortgage, or exchange any assets for other assets.

3. Sell and dispose of any assets at public sale to the highest and best bidder or at private sale for the highest price obtainable.

4. Accept withdrawable capital of the association to apply on the purchase price of any assets, but only for such relative values as may be approved by the deputy director from time to time.  Notice by single publication or by mailing, stating the time, place and terms of the sale, shall be given to all holders of withdrawable capital prior to the sale.

5. Pay out of the proceeds of liquidation all expenses and services necessary to the liquidation, and also compensation of the liquidators. Compensation of the liquidators, exclusive of compensation for legal services and other specialized employment, shall not exceed in the aggregate three percent of the proceeds of liquidation.