Arizona § 6-1112 - Acquisition of voting securities in violation of article; limitation on rights as shareholder; injunction

§ 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.