Arizona Revised Statutes Title 6. Banks and Financial Institutions § 6-869. Meetings; reports; report of examination; response; penalties

A. The board of directors of a trust company shall meet at least once every three months. The deputy director or any director may call a special meeting. A majority of the board constitutes a quorum. The board shall keep minutes of each meeting, including a record of attendance and a record of all votes pertaining to the trust business, any officer or any shareholder.

B. At least once every three months the board of directors of a trust company shall review written reports prepared by the president, other officers of the trust company or the trust committee as prescribed in § 6-870. The reports shall include the accounts that have been opened or closed during the calendar quarter before the meeting and the trust accounts subject to annual review during the calendar quarter before the meeting.

C. Within thirty days after the trust company receives a report of examination from the deputy director, the directors shall meet to consider the contents of the report. Within ten days after the meeting, the chairman or the president of the board of directors shall notify the deputy director of the meeting and shall acknowledge, on the declaration of each director attending the meeting, that each director reviewed the report and the chairman or the president shall file a response to the report that describes the board's responses to the examiners' recommendations, including any remedies for violations of this title.

D. Unless the deputy director excuses a trust company from filing a response, the trust company shall file a response to the report of examination within forty days after the trust company receives the report. A trust company that fails to file a timely response or that is not excused from filing a timely response shall pay a penalty to the department. The department shall assess a penalty of $100 or less for each day of the delinquency.