6-542. Suspension and removal of officials
A. Both the supervisory committee and the board may suspend for cause by a two-thirds vote of their entire membership any director, officer or member of a committee and shall immediately notify such person in writing of the suspension and the reasons for the suspension.
B. A suspended director, officer or committee member may request a special meeting of the members to consider that suspension. The board shall call a special meeting for that purpose not fewer than seven days nor more than twenty-one days after that suspension, and that suspension shall be upheld or overturned by a majority of the members present. The suspended person is entitled to appear and be heard at the special meeting.
C. In the absence of a request for a hearing, the suspension is deemed a removal from office. Approval of the suspension by the membership constitutes removal from office.
D. Notwithstanding any other provision of this section, the members of a credit union may suspend or remove any director or committee member at any annual or special meeting of the members.
Structure Arizona Revised Statutes
Title 6 - Banks and Financial Institutions
§ 6-110 - Financial institutions division; deputy director
§ 6-112 - Assistant director; examiners; personnel
§ 6-113 - Acts prohibited; officers; employees
§ 6-114 - Balloon payments prohibited; applicability; exemptions
§ 6-115 - Insurance premium transmitters; timely payment required; civil penalty
§ 6-116 - Sale of securities; disclosure
§ 6-117 - Assumed business name; trade name; notification; definition
§ 6-121 - Examination; supervision
§ 6-122 - Deputy director; authority; duties
§ 6-123 - Deputy director; powers
§ 6-123.01 - Fingerprint requirements; fees
§ 6-124 - Investigations; compelling testimony and the production of documents; self-incrimination
§ 6-126 - Application fees for financial institutions and enterprises
§ 6-127 - Disposition of revenue
§ 6-128 - Joint examinations; acceptance of federal regulatory and other authorized examinations
§ 6-129 - Records; disclosure and limitations on disclosure; evidentiary effect
§ 6-129.01 - Enterprise documents open to public inspection
§ 6-130 - Limitation of personal liability
§ 6-131 - Right to sue and defend in actions; liability limitation; award of fees and other expenses
§ 6-131.01 - Appointment of deputy director as receiver; award of property, fees and costs
§ 6-132 - Violation of title; civil penalty
§ 6-133 - Violations; classification
§ 6-134 - False statements as to financial condition; classification
§ 6-135 - Department revolving fund; use of fund
§ 6-135.01 - Department receivership revolving fund; use of fund
§ 6-136 - Violation of order or injunction; penalty
§ 6-137 - Cease and desist orders; injunctions; public inspection
§ 6-143 - Exempt persons and transactions
§ 6-144 - Acquisition of control; approval of deputy director
§ 6-145 - Application for approval
§ 6-146 - Material change of fact; filing amended statements
§ 6-147 - Denial of application; grounds
§ 6-148 - Failure to act on application as approval
§ 6-149 - Determination of control of one person by another; hearing; notice
§ 6-161 - Suspension, removal or prohibition; hearing; notice
§ 6-162 - Temporary prohibition; injunction
§ 6-164 - Attorney fees and expenses
§ 6-165 - Enforcement of order
§ 6-181 - Declaration of purposes
§ 6-183 - Rights, powers and privileges of national banks
§ 6-185 - Board of directors' meetings; review; report of failure of quorum to meet
§ 6-186 - Annual audit and report
§ 6-187 - Authority to declare dividends; limitation
§ 6-188 - Bonds and insurance; coverage
§ 6-189 - Capital obligations; approval; convertibility
§ 6-190 - Bank offices; standards and term of approval; closing; automated teller machines
§ 6-193 - Bank and holding company subsidiaries; powers
§ 6-201 - Authority to engage in banking business; exception
§ 6-203 - Application for banking permit; organizational application; final application
§ 6-205 - Term of permit; surrender; revocation
§ 6-212 - Resulting national bank
§ 6-215 - Retention of nonconforming assets; permission; maximum value
§ 6-216 - Continuation of business and corporate entity
§ 6-217 - Emergency acquisition of in-state financial institution
§ 6-232 - Powers of attorney; notice of revocation; payment after notice
§ 6-233 - Adverse claim to bank deposit; court order required; definitions
§ 6-234 - Deposit of minor; school saving plan
§ 6-235 - Bank deposits in two or more names; payment to survivor
§ 6-236 - Payment of deposits in trust
§ 6-237 - Payment of deposit to foreign personal representative
§ 6-241 - Banking days; notice; closing
§ 6-242 - Preservation of bank records; regulations; disposal
§ 6-243 - Acquisition of property to satisfy or protect loans
§ 6-244 - Borrowing by bank; treatment as capital
§ 6-245 - Pledge of assets; rediscount; exception to requirement of security
§ 6-246 - Permitted investments; limitations
§ 6-271 - Reserves against deposits; rule; limitations
§ 6-272 - Deposits exempt from reserve requirement
§ 6-273 - Form of reserves; limitations
§ 6-275 - Computation of reserves
§ 6-322 - Interstate acquisitions; approval of deputy director; exception
§ 6-324 - De novo entry by certain financial institutions
§ 6-325 - Failure to act on application as approval
§ 6-326 - Denial of application; grounds
§ 6-327 - Applicable laws and rules; cooperative agreements; contracting exemption
§ 6-328 - Deposit concentration limits
§ 6-329 - Deposit production offices
§ 6-330 - Rights, powers and privileges of out-of-state banks
§ 6-352 - Limitations of obligations to a bank; exceptions; definitions
§ 6-353 - Obligations of directors, officers and employees; reports
§ 6-354 - Loans on capital stock or capital obligations of a bank
§ 6-381 - Authority of bank to engage in the trust business
§ 6-382 - Powers of bank as fiduciary
§ 6-383 - Identification and segregation of fiduciary assets
§ 6-384 - Deposit of fiduciary funds
§ 6-385 - Substitution of corporate fiduciary
§ 6-386 - Investment by fiduciaries; governmental obligations
§ 6-391 - Unauthorized conduct of banking business; false representation
§ 6-395 - Possession by deputy director and receivership
§ 6-395.01 - Powers of deputy director in possession
§ 6-395.02 - Federal deposit insurance corporation as receiver
§ 6-395.03 - Federal deposit insurance corporation power pending judicial proceedings
§ 6-395.04 - Right of subrogation of federal deposit insurance corporation
§ 6-395.05 - Effect of receivership proceedings on liens and limitations
§ 6-395.06 - Rights, powers and duties of a receiver
§ 6-395.07 - Sale of bank assets; authority to borrow monies; injunction; hearing
§ 6-395.08 - Rejection of contracts and leases on liquidation
§ 6-395.09 - Notice to claimants on liquidation
§ 6-395.10 - Disposition of unclaimed property
§ 6-395.11 - Priority of claims; interest
§ 6-395.12 - Payment of claims and distribution to stockholders on liquidation
§ 6-395.13 - Voluntary liquidation and dissolution
§ 6-395.14 - Voidable transactions
§ 6-395.15 - Notice of taking; effect
§ 6-402 - Scope of chapter; application to federal associations and federal savings banks
§ 6-404 - General corporate powers
§ 6-405.01 - Capital notes and debentures
§ 6-407 - Applicants and initial capital
§ 6-408 - Application for permit to organize
§ 6-409 - Findings and hearings
§ 6-410 - Deputy director's approval and issuance of permit to organize
§ 6-411 - Subscription to capital and temporary organization
§ 6-412 - Completion of organization
§ 6-413 - Contents of articles of incorporation
§ 6-416 - Record date for voting, dividend and other purposes
§ 6-420 - Bonds of officers and employees
§ 6-421 - Access to books and records; communication with members
§ 6-422 - Types of capital; personal property
§ 6-424 - Shares of guaranty capital; nature; consideration
§ 6-425 - Shares of guaranty capital; authorization of issuance; minimum amount
§ 6-426 - Shares of guaranty capital; rights of existing shareholders
§ 6-427 - Shares of guaranty capital; advertisement; sales; collection of subscription
§ 6-428 - Retirement or reduction of shares of guaranty capital
§ 6-429 - Issuance, delivery, and transfer of certificates and account books
§ 6-430 - Who may hold capital and membership
§ 6-432 - Effect of payment to minor or fiduciary
§ 6-433 - Payment on disability or death of holder in his own right of account
§ 6-435 - Voluntary withdrawal of accounts
§ 6-437 - Enforced retirement of accounts
§ 6-438 - Authorized charges applicable to members
§ 6-439 - Accounts subject to liens
§ 6-440 - Apportionment of profits
§ 6-442 - Dividends and interest
§ 6-444 - Promotional activities prohibited; definitions
§ 6-446 - Other investments and powers
§ 6-449 - General loan contract provisions
§ 6-450 - Modification agreements
§ 6-452 - Purchase of real or personal property at forced sale
§ 6-453 - Purchase of real estate for office and rental purposes
§ 6-454 - Appraisal of real estate owned
§ 6-456 - Effect of unauthorized investments and loans; liability of officers
§ 6-459 - Amendment of articles of incorporation
§ 6-460 - Procedure to amend articles of incorporation
§ 6-461 - Existing associations; adoption of articles and by-laws
§ 6-462 - Conversion from state to federal association
§ 6-463 - Conversion from federal to state association
§ 6-464 - Effect of conversion
§ 6-465 - Merger of associations or corporations
§ 6-467 - Authority to liquidate
§ 6-468 - Decision to liquidate; adoption of plan
§ 6-469 - Election of liquidators; report; supervision
§ 6-470 - Protection and liquidation of assets
§ 6-471 - Filing and payment of claims
§ 6-472 - Final distribution and dissolution
§ 6-474 - Accounting practices and records
§ 6-477 - Audit by public accountant
§ 6-478 - Reports to deputy director and members
§ 6-479 - Information to federal authorities
§ 6-482 - Receiver; appointment; transfer of assets; powers; liability
§ 6-483 - Procedure for liquidation; rights of share transferor
§ 6-484 - Illegal use of name; classification
§ 6-486 - Rehabilitation of associations; definition
§ 6-487 - Proposal of plan; petition; notice of hearing
§ 6-488 - Hearing; fairness of plan
§ 6-489 - Consents required for plan to operate; exceptions
§ 6-490 - Time of giving consents; jurisdiction of court
§ 6-491 - Effect of approval and consents
§ 6-493 - Securities defined; power to issue under plan
§ 6-494 - Authority of fiduciaries
§ 6-495 - Reservation of powers to legislature
§ 6-496 - Applicability of other statutes
§ 6-497 - Effect on existing associations
§ 6-502 - Reports and examinations
§ 6-503 - Accounting and records
§ 6-505 - Declaration of purpose
§ 6-506 - Organization procedure
§ 6-507 - Certificate of approval; filing with corporation commission; certificate of incorporation
§ 6-508 - Certificate of organization and bylaws
§ 6-509 - Exclusive use of name; exception
§ 6-510 - Principal place of business; branch office; automated teller machines
§ 6-511 - Out-of-state credit union
§ 6-522 - Organization members
§ 6-523 - Membership applications
§ 6-524 - Termination of membership
§ 6-526 - Calling of special meetings
§ 6-527 - Liability of members
§ 6-531 - Authority and responsibility of directors; voting
§ 6-533 - Compensation of officials
§ 6-534 - Conflicts of interest
§ 6-537 - Certain duties of directors; insurance
§ 6-542 - Suspension and removal of officials
§ 6-543 - Action without meeting
§ 6-556 - Multiple party accounts
§ 6-558 - Member account insurance
§ 6-559 - Savings promotion accounts
§ 6-561 - Purpose and conditions of loans; prepayment penalties
§ 6-562 - Interest rates and other charges
§ 6-571 - Insurance for members
§ 6-573 - Money type instruments
§ 6-576 - Investment authority
§ 6-577 - Authorized investments
§ 6-581 - Transfers to regular reserve
§ 6-582 - Use of regular reserve
§ 6-584 - Voluntary dissolution
§ 6-585 - Involuntary dissolution
§ 6-586 - Distribution of assets of liquidating credit union
§ 6-587 - Merger or consolidation of credit unions
§ 6-588 - Conversion of credit union
§ 6-592 - Purposes; membership
§ 6-593 - Powers of corporate credit union; federal parity
§ 6-594 - Participation in central system
§ 6-603 - License; contents of application; fees; nontransferability
§ 6-604 - Issuance of license; license year; requirements
§ 6-605 - Denial of renewal; suspension; revocation
§ 6-606 - Business limited to licensed locations; restrictions
§ 6-607 - Books; accounts; records; access
§ 6-608 - Annual report of licensee; civil penalty for failure to file
§ 6-609 - Reporting rates; change in rates; quarterly report of deputy director
§ 6-613 - Restrictions; voidable loans
§ 6-615 - Foreign loans; reciprocity
§ 6-631 - Disclosures; penalty
§ 6-633 - Computation of finance charges
§ 6-634 - Precomputation of consumer loan
§ 6-635 - Other allowable fees; annual reporting
§ 6-636 - Insurance securing loan; cancellation; notice
§ 6-639 - Loans from theft or fraud; consumer not responsible; correction of credit information
§ 6-704 - Application for license; bonds; contract
§ 6-705 - Branch offices and agencies
§ 6-707 - Issuance of license; display; renewal
§ 6-708 - Denial; revocation or suspension of license
§ 6-802 - Acknowledgment of report of examination; penalty
§ 6-812 - Foreign corporations
§ 6-813 - License of agent; nontransferable; posting
§ 6-814 - Procedure for licensing; surety bond
§ 6-817 - Refusal to license; suspension; revocation
§ 6-832 - Annual audit; report
§ 6-833 - Seizure of property of impaired escrow agent
§ 6-833.01 - Priority of distribution during receivership
§ 6-834 - Deposit of monies; definition
§ 6-835 - Limit of legal action
§ 6-836 - Commissions; other considerations prohibited
§ 6-837 - Duty of escrow agent to produce escrow records for inspection; violation; classification
§ 6-838 - Surrender of license
§ 6-839 - Continuing jurisdiction
§ 6-840 - Prohibitions; definitions
§ 6-841 - Internal control structure; definition
§ 6-841.01 - Fiduciary duty; notice of returned check
§ 6-841.02 - Liability of title insurer; closing protection letter; definition
§ 6-841.03 - Notice of uninsured monies; rules
§ 6-843 - Disbursements; applicability
§ 6-846 - Making of escrow rates
§ 6-846.01 - Filing of escrow rates
§ 6-846.02 - Justification for escrow rates
§ 6-846.03 - Disapproval of escrow filings
§ 6-846.04 - Deviations in escrow rates; civil penalty
§ 6-852 - Exemptions and allowed activities
§ 6-853 - Certificate required; exceptions
§ 6-854 - Application for certificate
§ 6-854.01 - Articles of incorporation; approval; changes
§ 6-854.02 - Board of directors; number; bylaws
§ 6-856 - Minimum capital; dividends; other requirements
§ 6-857 - Issuance of certificate; hearing
§ 6-859 - Records; audits; preservation of records; protection; insurance; bond; contingency plan
§ 6-863 - Suspension or revocation of certificate
§ 6-864 - Continuing jurisdiction
§ 6-865 - Unsafe condition; receivership
§ 6-866 - Limit of legal action
§ 6-868 - Fidelity bond; requirements
§ 6-869 - Meetings; reports; report of examination; response; penalties
§ 6-870.01 - Acceptance of other examinations; cooperative agreements
§ 6-871 - Establishment of common trust funds
§ 6-873 - Uniformity of interpretation
§ 6-882 - Savings accounts and time deposits; insurance; withdrawal; notice
§ 6-902.01 - Exemption; responsible individual; fees; revocation; rules
§ 6-903 - Licensing of mortgage brokers required; qualifications; application; bond; fees; renewal
§ 6-904 - Issuance of license; renewal; inactive status; branch office license; application; fee
§ 6-905 - Denial, suspension or revocation of licenses
§ 6-906 - Required accounting practices and records; escrow of monies; disclosure
§ 6-907 - Required disclosure to investors
§ 6-908 - Testing committee; testing of applicants; approval by deputy director; definition
§ 6-910 - Noncompliance not to affect validity of loan
§ 6-911 - Active military duty; compensation
§ 6-912 - Certificate of exemption
§ 6-913 - Conversion to commercial mortgage broker license
§ 6-943 - Licensing of mortgage bankers required; qualifications; application; bond; fees; renewal
§ 6-944 - Issuance of license; renewal; branch office license; application; fee
§ 6-945 - Denial, suspension or revocation of licenses
§ 6-948 - Noncompliance not to affect validity of loan
§ 6-949 - Conversion to mortgage broker license
§ 6-973 - Licensing commercial mortgage bankers required; qualifications
§ 6-974 - Application for license; issuance or denial; fees
§ 6-975 - Bond or other security
§ 6-976 - Responsible individual; employees
§ 6-977 - Displaying and using license number
§ 6-979 - Principal place of business; branch office license; change of address
§ 6-980 - Annual renewal; expiration on failure to renew
§ 6-982 - Denial, suspension or revocation of licenses
§ 6-983 - Required accounting practices and records; escrow of monies; disclosure
§ 6-985 - Noncompliance not to affect validity of loan
§ 6-991.03 - Licensing; renewal; qualifications; application; fees
§ 6-991.05 - Denial, suspension or revocation of licenses
§ 6-991.07 - Examination; fee; definition
§ 6-991.08 - Reasonable efforts to secure advantageous loan for borrower
§ 6-991.09 - Mortgage recovery fund; liability limits
§ 6-991.10 - Payments to the mortgage recovery fund
§ 6-991.12 - Notice of claim to judgment debtor; response
§ 6-991.13 - Correction of deficiencies in the application
§ 6-991.14 - Investigation and discovery
§ 6-991.15 - Final decision and order on claim; notice
§ 6-991.17 - Deputy director's standing in court
§ 6-991.18 - Subrogation of rights; collection
§ 6-991.20 - Effect of article on disciplinary action
§ 6-991.21 - Financial services fund; use of fund
§ 6-991.22 - Noncompliance not to affect validity of loan
§ 6-1002 - Legal relationship in use of safe deposit facilities
§ 6-1003 - Change of location of repositories
§ 6-1004 - Tenancy in two or more names
§ 6-1006 - Adverse claims to repository; definitions
§ 6-1007 - Lessee's death or incompetency; revocation of power of attorney
§ 6-1008 - Procedure on death of lessee
§ 6-1009 - Lessor's lien; default of lessee; or failure to surrender
§ 6-1103 - Exempt persons and transactions
§ 6-1104 - Acquisition of control; approval by deputy director
§ 6-1105 - Application for approval
§ 6-1106 - Material change of fact; filing amended statements
§ 6-1107 - Denial of application; grounds
§ 6-1108 - Failure to act on application as approval
§ 6-1109 - Determination of control of one person by another; hearing; notice
§ 6-1113 - Reports; examination; costs
§ 6-1203 - Implementation; fees
§ 6-1204 - Examinations; investigations; records
§ 6-1205 - Multistate supervision
§ 6-1206 - Relationship to federal law
§ 6-1207 - Licensure; prohibition; applicability
§ 6-1208 - Consistent licensure
§ 6-1209 - Application for licensure
§ 6-1210 - Information requirements for certain individuals
§ 6-1213 - License maintenance
§ 6-1214 - Acquisition of control
§ 6-1215 - Notice and information requirements for a change of key individuals
§ 6-1216 - Report of condition
§ 6-1217 - Audited financial statements; certificate of opinion
§ 6-1218 - Authorized delegate reporting
§ 6-1220 - Bank secrecy act reports
§ 6-1222 - Relationship between licensees and authorized delegates
§ 6-1223 - Unauthorized activities
§ 6-1224 - Timely transmission
§ 6-1225 - Refunds; exceptions
§ 6-1226 - Receipts; requirements; exceptions; definition
§ 6-1227 - Net worth requirements; exemption
§ 6-1229 - Maintenance of permissible investments
§ 6-1230 - Types of permissible investments
§ 6-1231 - License suspension and revocation
§ 6-1232 - Authorized delegate suspension and revocation
§ 6-1233 - Cease and desist order
§ 6-1242 - Reports to the attorney general; investigation; violation; classification
§ 6-1302 - Scope of chapter; exemptions
§ 6-1303 - Application for registration
§ 6-1305 - Registration; renewal; reporting requirements
§ 6-1308 - Denial, revocation or suspension of registration
§ 6-1310 - Noncompliance not to affect validity of loan
§ 6-1402 - Licensure required; contents of application; fees; nontransferable; branch office permit
§ 6-1404 - Denial, suspension or revocation of licenses and branch office permits
§ 6-1405 - Issuance of license or branch office permit; license year; requirements
§ 6-1406 - Books and records of premium finance company; access to records
§ 6-1407 - Removal of place of business
§ 6-1408 - Annual report of licensee; civil penalty for failure to file
§ 6-1410 - Form of premium finance agreement; notice
§ 6-1411 - Disclosure requirements
§ 6-1412 - Limitation on interest and other charges
§ 6-1413 - Other charges allowed
§ 6-1414 - Splitting of premium finance agreement prohibited
§ 6-1415 - Cancellation of insurance contract upon default
§ 6-1417 - Servicing of premium finance agreements
§ 6-1418 - Exemption from any filing requirements
§ 6-1501 - Method of taxing national banking associations
§ 6-1502 - Method of taxing banks, investment companies and savings and loan associations
§ 6-1702 - Financial counseling; counselor requirements
§ 6-1703 - Required disclosures; counseling
§ 6-1704 - Reverse mortgage; provisions
§ 6-1705 - Prepayment; repayment conditions
§ 6-1706 - Borrower liability; prohibited practices; investments; annuities