Arizona § 6-423 - Accounts
Full text of Arizona Arizona Revised Statutes § 6-423 — Accounts, with citation guidance and answers to common questions.
§ 6-423. Accounts
A. An association may maintain all types of deposit accounts and prescribe those terms and conditions relating to the accounts as are allowable for the association to maintain the insurance of its deposits by an insurance corporation.
B. Accounts are:
1. Withdrawable and subject to enforced retirement as provided in this article. This chapter does not prevent the withdrawal of funds from an association by negotiable or nonnegotiable order.
2. Entitled to dividends as provided in this article.
3. Nonassessable for either debts or losses of the association.
4. Issued on such plan or plans of payment and in such series or classes as the bylaws may provide, which plan or plans of payment may include:
(a) Regular installment plan with agreed weekly or monthly payments, with dividends credited to or in behalf of the account until the ultimate value agreed on in the subscription is reached.
(b) Full paid plan with one single payment of $100 per unit and dividends payable in cash unless by agreement credited to the account.
(c) Prepaid plan with one single payment in such amount per unit as is set forth in the bylaws and dividends credited to such account until the ultimate value of $100 per unit is reached.
(d) Optional plan with payments in such amount or amounts and at such times as the holder may elect and dividends credited to such account unless by agreement payable in cash.
(e) Any other plan of payment which the deputy director may approve as conforming to sound savings and loan practice.
Frequently Asked Questions About Arizona § 6-423
What does Arizona Revised Statutes § 6-423 cover?
Section 6-423 ("Accounts") 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 § 6-423?
A common citation format is "Arizona Revised Statutes § 6-423" (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 § 6-423 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.