Arizona Arizona Revised Statutes
§ 6-411 — Subscription to capital and temporary organization
ARS § 6-411Title 6. Banks and Financial Institutions · Ch. 3. SAVINGS AND LOAN ASSOCIATIONS · Art. 2. Formation and Licensing
Statute text
View on source6-411. Subscription to capital and temporary organization On receipt of the permit to organize an association, the applicants shall constitute the organization committee and shall perfect a temporary organization by electing a chairman, vice chairman, and a secretary, who shall act as the temporary officers of such association until their successors are duly elected and qualified. Such temporary officers shall proceed to: 1. Secure subscriptions for the required amount of capital in form and manner approved by the deputy director. 2. Call a meeting of subscribers, who shall adopt articles of incorporation and elect directors to serve until the first annual meeting of the association and until their successors are elected and qualified. 3. The directors so elected shall proceed to:
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