6-395.01. Powers of deputy director in possession
118 words·~1 min read·
/az/title-6/6-395-01A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
When the deputy director has taken possession of a bank and until the appointment and qualification of the receiver, or the adjudication that no ground for the receivership exists, the deputy director shall be vested with the full and exclusive power of management and control. The deputy director shall immediately close the bank for the acceptance and withdrawal of deposits, but shall otherwise have the power to continue or to discontinue the business, to stop or to limit the payment of its obligations, to employ any necessary assistants, to execute any instrument in the name of the bank, to commence, defend and conduct in its name any action or proceeding in which the bank may be a party.