A.R.S. § 6-422: Types of capital; personal property

A. The capital of an association may be represented by capital notes and debentures, accounts or guaranty capital, as provided in this article and as authorized by the articles of incorporation.

B. All accounts, capital notes and debentures and guaranty capital shall be personal property in the hands of their holders, transferable as provided in this chapter and the bylaws of the association.