A.R.S. § 6-854.02: Board of directors; number; bylaws

A. A trust company shall have at least three directors. The shareholders of the company shall elect all of the directors.

B. Unless the articles of incorporation provide otherwise, the board of directors may adopt or amend the bylaws as long as the bylaws adopted or amended by the board do not conflict with the bylaws adopted by the shareholders. The board of directors shall file a current copy of the bylaws with the deputy director.