6-1112

6-1112. Acquisition of voting securities in
violation of article; limitation on rights as shareholder;
injunction

A. With respect to any voting security acquired in violation of this article or any
rule or order of the superintendent, a person is not entitled to vote or give a written
proxy or consent for a period of five years after the acquisition except with the written
consent of the superintendent. If a voting security of a financial institution or
controlling person is acquired in violation of this article or any rule or order, any
shareholder of the financial institution or controlling person or the superintendent may
apply to the superior court for injunctive or other equitable relief, including costs and
reasonable attorney fees, to enjoin prospectively any person from voting or giving any
written proxy or consent with respect to the voting security for a period of five years
after the acquisition except with the written consent of the superintendent. The
superintendent may apply to the superior court for injunctive or other relief, including
costs, to void any vote or any giving of a written proxy or consent with respect to the
security which has occurred since the acquisition, except that the court may not void the
vote if the court finds that to void the vote would not be in the interest of the
depositors, beneficiaries, creditors or shareholders of the financial institution or
controlling person or in the public interest.

B. A person may file an application for consent of the superintendent with the
superintendent and the superintendent shall grant or deny the application within thirty
days. In giving consent, the superintendent may require those conditions that the
superintendent deems reasonable, necessary or otherwise in the public interest. Except as
provided in section 41-1092.08, subsection H, the final action of the superintendent is
subject to judicial review pursuant to title 12, chapter 7, article 6 if the complaint
seeking review is filed with the superior court in Maricopa county.

C. No civil action may be brought to void any vote pursuant to subsection A of this
section unless commenced within one year after the transaction which constituted a
violation of this article or any rule or order of the superintendent.