6-402. Scope of chapter; application to federal associations and federal savings banks
137 words·~1 min read·
/az/title-6/6-402A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. This chapter applies to all existing savings and loan associations, and other similar associations and savings banks by whatever name called, organized under this or any prior act.
B. Every federal savings and loan association and federal savings bank shall have all the rights, powers and privileges and shall be entitled to the same exemptions and immunities as savings and loan associations organized under the laws of this state unless prohibited by federal law. In addition to all other rights, powers and privileges, savings and loan associations organized under the laws of the state, whose accounts are insured by an insurance corporation, shall have all the rights, powers and privileges and shall be entitled to the same exemptions and immunities as federal savings and loan associations doing business in this state unless prohibited by this chapter.