R20-4-807. Unsafe or Unsound Condition

For purposes of A.R.S. §§ 6-863 and 6-865, a trust company conducts business in an unsafe manner or its affairs are in an unsound condition if it: 1. Violates any fiduciary duty or obligation, including those listed in Sections R20-4-809 through R20-4-815; 2. Violates any state or federal requirement for operating or maintaining trusts, common trust funds, or other accounts; 3. Violates any applicable federal or state law or regulation regarding corporations or securities; 4. Employs an officer or director who violates a corporate fiduciary duty; 5. Is insolvent; or 6. Engages in any conduct that the Director determines constitutes an unsafe or unsound business practice jeopardizing the trust company’s financial condition or the interests of a stockholder, creditor, trustor, beneficiary, or trust company’s principal.