Arizona Revised Statutes Title 6. Banks and Financial Institutions § 6-427. Shares of guaranty capital; advertisement; sales; collection of subscription

1. When the aggregate amount of such funds equals or exceeds the amount of the minimum initial guaranty capital that the association must obtain, and either the board of directors has decided by resolution to proceed under the guaranty capital plan, or one year has elapsed after the date on which the issuance of shares of guaranty capital was authorized and the board has taken no action, then the separate account may be terminated and the funds may be transferred to the association's general account.

2. If the aggregate amount of such funds fails to reach the amount of the minimum initial guaranty capital that the association must obtain and one year has elapsed after the date on which the issuance of shares of guaranty capital was authorized or if the board of directors, within such one-year period, has decided by resolution to abandon the guaranty capital plan, the funds in the separate account shall be returned to the respective subscribers and shall not become a liability of the association or its officers or directors.