2017 Arizona Revised Statutes
Title 6 - Banks and Financial Institutions
§ 6-469 Election of liquidators; report; supervision

6-469. Election of liquidators; report; supervision

A. Upon adoption of a plan of voluntary liquidation, the members shall proceed to elect, with cumulative voting permitted as in elections of directors, not more than three liquidators, who shall have full power to execute the plan. The procedure thereafter shall be as follows:

1. A report of proceedings at the meeting of members, certified by the presiding officer of the meeting and attested by the secretary of the meeting, and setting forth the notice given and time of mailing thereof, the vote on the plan of voluntary liquidation, the total number of votes which all members of the association were entitled to cast thereon, and the names of the liquidators elected, shall be filed in triplicate with the superintendent, together with the plan.

2. If the superintendent finds that the plan and proceedings are in accordance with this article, that the bonds of the liquidators are sufficient, and that the plan is not unfair to any person affected, he shall attach his certificate of approval to the plan and shall forward one copy to the liquidators, and in the case of an insured association, one copy to the insurance corporation.

3. The expenses of any examination made by or at the direction of the superintendent in connection with any voluntary dissolution shall be paid as a claim by the liquidators in accordance with the fees fixed for special examinations by section 6-125.

4. The plan shall become effective upon filing with the corporation commission of the superintendent's certificate of approval.

B. The liquidation of the association shall be subject to the supervision and examination of the superintendent.