6-143. Exempt persons and transactions

368 words·~2 min read·/az/title-6/6-143

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. This article shall not apply to the following persons or transactions of the type specified:

1. A person who controls a bank, trust company or savings and loan association or controlling person on the date this article becomes law and who continues to control such bank, trust company, or savings and loan association.

2. A registered dealer who acts as an underwriter or member of a selling group in a public offering of the voting securities of a bank, trust company, savings and loan association or controlling person.

3. A person who acts as proxy for the sole purpose of voting at a designated meeting of the security holders of a bank, trust company, savings and loan association or controlling person.

4. A person who acquires control of a bank, trust company, savings and loan association or controlling person by devise or descent.

5. A person who acquires control of a bank, trust company, savings and loan association or controlling person as a personal representative, custodian, guardian or conservator appointed by a court or as a trustee, receiver or other officer appointed by a court.

6. A pledgee of a voting security of a bank, trust company, savings and loan association or controlling person who does not have the right, as pledgee, to vote such voting security.

7. A transaction approved pursuant to chapter 2, article 7 of this title.

B. There shall be exempted from the provisions of this article any person or transaction that the deputy director by rule or order exempts as not being necessary or appropriate in the public interest or for the protection of a bank, trust company, savings bank or savings and loan association, or the depositors, beneficiaries, creditors or shareholders of such bank, trust company, savings bank or savings and loan association.

C. A person, prior to filing an application for approval, may request in writing a determination from the deputy director as to whether the person, on consummation of a proposed transaction, will be in control. On such a request, the deputy director may enter an order that the person will not be in control, in which event the proposed transaction will be an exempt transaction under this article.