Arizona § 6-321 - Definitions
Full text of Arizona Arizona Revised Statutes § 6-321 — Definitions, with citation guidance and answers to common questions.
§ 6-321. Definitions
In this article, unless the context otherwise requires:
1. "Acquire" as applied to an in-state financial institution means any of the following actions or transactions:
(a) The merger or consolidation of an in-state financial institution with an out-of-state financial institution.
(b) The acquisition by an out-of-state financial institution of the direct or indirect ownership or control of voting shares of an in-state financial institution if, after the acquisition, the out-of-state financial institution will directly or indirectly own or control more than twenty-five percent of the outstanding voting shares of the acquired in-state financial institution.
(c) The direct or indirect acquisition of all or substantially all of the assets of an in-state financial institution.
(d) The taking of any other action that would result in the direct or indirect control of an in-state financial institution.
2. "Control" means direct or indirect ownership of or power to vote twenty-five percent or more of the outstanding voting shares of an in-state financial institution or to control in any manner the election of a majority of the directors of an in-state financial institution.
3. "De novo entry" means a newly established bank or savings and loan association which is not created through the acquisition of or merger with an in-state financial institution and control is through an out-of-state financial institution.
4. "Filed with the division" means when the complete application including any amendments or supplements containing all the information in the form required by the division is received by the division.
5. "In-state financial institution" means a state or federal bank, savings bank or savings and loan association with its home office in this state, or holding company with its home office in this state.
6. "Out-of-state financial institution" means a state or federal bank, savings bank or savings and loan association with its home office in a state other than this state, or holding company with its home office in a state other than this state.
Frequently Asked Questions About Arizona § 6-321
What does Arizona Revised Statutes § 6-321 cover?
Section 6-321 ("Definitions") 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 § 6-321?
A common citation format is "Arizona Revised Statutes § 6-321" (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 § 6-321 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.