Arizona Revised Statutes Title 6. Banks and Financial Institutions § 6-395.02. Federal deposit insurance corporation as receiver

If the court grants the application for receivership of a bank it shall first tender the appointment as receiver to the federal deposit insurance corporation, which is authorized to qualify and act without bond. If the corporation accepts the appointment it shall have all of the powers, privileges and duties as such receiver provided by the laws of this state except insofar as such powers, privileges and duties are in conflict with the provisions of the federal deposit insurance act as amended,  1 which act shall control. If the corporation does not accept the appointment, the deputy director shall be appointed receiver.