2005 Arizona Revised Statutes - Revised Statutes §6-190  Bank offices; standards and term of approval; closing; automated teller machines

A. A bank may establish banking offices anywhere in the world with the authorization of the superintendent and upon such conditions as he may prescribe. An application for a banking office shall be in writing in such form as the superintendent prescribes supported by such information, data and records as the superintendent may require to make the findings necessary for approval.

B. In granting the application for a banking office the superintendent shall be guided by the standards prescribed for the issuance of a banking permit insofar as such standards are reasonably applicable.

C. The failure of a bank to open and operate a banking office within one year after the superintendent approves the application shall automatically terminate the approval, except that the superintendent, for good cause shown in writing made before the expiration of the one year period, may extend for additional periods not in excess of six months each the time in which the banking office may be opened.

D. A bank may permanently close less than all of its banking offices on compliance with such requirements of notice as have been prescribed by the superintendent and such closing shall terminate the authority to maintain the office which is closed.

E. A bank shall not establish or maintain an automated teller machine without the prior written approval of the superintendent. The application shall state the proposed location of the automated teller machine, the need for the automated teller machine, the functions to be performed by the automated teller machine, the estimated annual expense of the automated teller machine and the mode of payment by the automated teller machine. After considering the application, the superintendent may approve the application if he finds that the establishment and maintenance of the automated teller machine are advisable and in the public interest.

F. A bank may, without the approval of the superintendent and through contractual agreement with one or more other banks or automated teller machine providers, join in the operation of automated teller machine networks.

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