Arizona § 10-2263 - Investment of excess funds
Full text of Arizona Arizona Revised Statutes § 10-2263 — Investment of excess funds, with citation guidance and answers to common questions.
§ 10-2263. Investment of excess funds
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.
Source: official Arizona text · Last verified 2026-08-27
Frequently Asked Questions About Arizona § 10-2263
What does Arizona Revised Statutes § 10-2263 cover?
Section 10-2263 ("Investment of excess funds") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 10-2263?
A common citation format is "Arizona Revised Statutes § 10-2263" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 10-2263 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.