6-153. 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 shall not be entitled to vote or give a
written proxy or consent for a period of five years after such acquisition except with
the written consent of the superintendent. If a voting security of a bank, trust company,
savings and loan association or controlling person is acquired in violation of this
article or any rule or order, any shareholder of such bank, trust company, savings and
loan association, 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 such voting security for a period of five years after such
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 such security which has
occurred since such acquisition, except that no vote may be voided if the court finds
that to void such vote would not be in the interest of the depositors, beneficiaries,
creditors or shareholders of the bank, trust company, savings and loan association or
controlling person, or in the public interest.
B. An application for consent of the superintendent may be filed with the
superintendent by any person and shall be granted or denied within thirty days. In giving
consent, the superintendent may require such conditions as the superintendent deems
reasonable, necessary or otherwise in the public interest. Except as provided in section
41-1092.08, subsection H, the action of the superintendent shall be an order 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. A civil action shall not 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.
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