6-493. Securities defined; power to issue under plan A. The term ' securities' , as used in this article in respect to any plan, includes not only shares of guaranty capital and evidences of accounts issuable by an association under the laws of this state, but also shares of stock of one or more classes issuable by corporations generally, and bonds, notes, debentures, evidences of indebtedness, certificates of interest or participation and collateral trust certificates. B. An association may issue, pursuant to a plan approved under this article, any one or more of the above mentioned kinds of securities.
Arizona Legal Code