The board of directors of a bank may declare dividends as allowed by the general laws governing Arizona corporations, except that dividends payable other than in the bank's own stock may be paid out of capital surplus only with the approval of the deputy director.
A.R.S. § 6-187
Authority to declare dividends; limitation
Official source: Arizona State Legislature. Reproduced from public-domain Arizona statutes; confirm against the official source for the current text. Not legal advice.