2021 Arizona Revised Statutes
Title 6 - Banks and Financial Institutions
§ 6-584 - Voluntary dissolution

6-584. Voluntary dissolution

A. A credit union may elect to dissolve voluntarily and terminate its affairs in the following manner:

1. The board of directors shall adopt a resolution recommending that the credit union be dissolved voluntarily, naming a liquidating agent adequately bondable, and directing that the question of a dissolution be submitted to a regular or special meeting of the members.

2. At a regular or special meeting called for such purpose where the notice of such purpose is contained in the call, the affirmative vote of a majority of the members of the credit union present shall be required to dissolve the credit union.

3. On the adoption of a resolution to dissolve, a statement of intent to dissolve shall be executed in triplicate by the president or vice president, and attested by its secretary, which shall set forth:

(a) The name of the corporation.

(b) Names and addresses of the officers and directors of the corporation.

(c) A copy of the resolution authorizing the voluntary dissolution and the name and address of the liquidating agent.

(d) Names and addresses of the members and the amount of the shares and loan balances of members outstanding.

(e) A financial and statistical report as of the date the resolution to dissolve is adopted.

B. Immediately on the adoption of the resolution to dissolve, the credit union shall furnish to the deputy director duplicate copies of the statement of intent to dissolve and the deputy director shall then determine whether or not the credit union is solvent. If it is solvent, the deputy director shall issue to the credit union in quadruplicate a certificate to the effect that this section has been complied with. The certificate shall be filed by the credit union with the corporation commission and a duplicate copy recorded in the office of the county recorder of the county in which the credit union is located, whereupon the credit union shall be deemed dissolved and shall cease carrying on business except for the purpose of liquidation.

C. The credit union shall continue in existence for the purpose of discharging its debts, collecting and distributing its assets and doing all other acts required to completely dissolve the credit union, and may sue and be sued for the purpose of enforcing such debts and obligations until its affairs are fully terminated, but an action may not be filed by or against such credit union more than two years after this certificate of dissolution is recorded.

D. The credit union shall during the dissolution period furnish to the deputy director regular monthly progress reports of the affairs of the credit union until the final dissolution of the credit union.

E. After the expiration of two years after the date of final dissolution, the deputy director may destroy all books and records of such credit union in the deputy director's possession.