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Can you summarize AZRS 6-193?
Bank and holding company subsidiaries; powers
Short Summary
This legal document, found in the Arizona Revised Statutes, specifically in the section related to bank organization and regulation, outlines the powers of subsidiaries of banks and nonbank subsidiaries of holding companies. According to the document, these subsidiaries have the authority to engage in various activities. They can deal in and underwrite obligations issued or guaranteed by states, political subdivisions, or agencies. They can also organize, operate, and control investment companies, as defined in the investment company act of 1940, and underwrite, deal in, sell, and distribute securities of such investment companies. Additionally, these subsidiaries can deal in and underwrite promissory notes secured by real estate mortgages, credit obligations secured by real or personal property, participation interests in such notes and credit obligations, and mortgage-related payment bonds secured by these notes or participation interests. Furthermore, they have the power to underwrite, deal in, sell, and distribute commercial paper issued by any entity.
Whom does it apply to?
Subsidiaries of banks and nonbank subsidiaries of holding companies
What does it govern?
Bank and holding company subsidiaries; powers
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Arizona