6-486. Rehabilitation of associations; definition
191 words·~1 min read·
/az/title-6/6-486A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. If the business, property and affairs of any association are in the possession of the deputy director for liquidation, or if an association is in an unsafe or unsound condition, the association may be rehabilitated, readjusted or reorganized in accordance with any plan proposed and approved as provided in this article.
B. Without limiting the generality of the foregoing provisions of this article, a plan may provide in respect to all or any part of the business, property or affairs of the association for any one or more of the following:
1. The retention thereof by the deputy director as a conservator, if the business, property or affairs are in the deputy director's possession for liquidation.
2. The delivery thereof to the deputy director as a conservator, or for liquidation.
3. The transfer thereof to any person or to a trustee.
C. For the purposes of this article, "plan" means a plan for the rehabilitation, readjustment or reorganization of an association or for the readjustment, modification or reorganization of the rights or interests of any or all of the investors and creditors of, or other persons, interested in the association.