Arizona § 6-405 - Power to borrow
Full text of Arizona Arizona Revised Statutes § 6-405 — Power to borrow, with citation guidance and answers to common questions.
§ 6-405. Power to borrow
A. No insured institution shall borrow an aggregate amount exceeding one-half the amount paid in and credited on accounts, except that with prior approval of the deputy director, any such association may borrow without limitation on such terms and conditions as may be required by the lender. No action of an insured institution in obtaining funds through borrowing, in accordance with this section, shall be deemed a violation hereof if its aggregate borrowings exceed the limitation of this section because of a subsequent reduction in the amounts paid in and credited on accounts.
B. A debt incurred by the association in violation of this section is not invalid or illegal as to the rights of the lender.
Frequently Asked Questions About Arizona § 6-405
What does Arizona Revised Statutes § 6-405 cover?
Section 6-405 ("Power to borrow") 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 § 6-405?
A common citation format is "Arizona Revised Statutes § 6-405" (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 § 6-405 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.