reglab/housing_qa huggingface dataset:
AR Code § 23-48-312 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 3 - Organization and Management Generally|§ 23-48-312. Liability of shareholders — Assessment of stock

 (a)  (1) Except as otherwise provided in this section, a purchaser from a state bank of its own shares is not liable to the state bank or its creditors with respect to the shares except to pay the full consideration, fixed as provided by law, for which the shares were issued or were to be issued.  (2) Except as otherwise provided in this section, or unless otherwise provided in the articles of incorporation, a shareholder of a state bank is not personally liable for the acts or debts of the state bank except that he or she may become personally liable by reason of his or her own acts or conduct.    (b)  (1) When, in the opinion of the Bank Commissioner, the report of an examination of a state bank discloses bad or worthless assets which should be charged off, he or she shall immediately instruct the officers of the state bank to collect and realize upon the assets within a time fixed by him or her, and, if not collected or realized upon within that time, the assets shall immediately be charged off.  (2) If the capital, as defined by the commissioner, is thereby impaired, the commissioner shall order the directors to make an assessment upon the capital stock in form and manner as provided in subsection (c) of this section to restore capital.    (c)  (1) The directors of every state bank shall have power and authority to levy and collect assessments on the stock of the state bank and shall make the levy on the order of the commissioner for the purpose of restoring any deficiency that may occur by reason of the impairment of the capital of the state bank.  (2) Should the assessment not be paid within thirty (30) days from the date the assessment is made, the assessed stock, or so much thereof as may be necessary, shall be sold at public auction to provide funds to meet the assessment.  (3) A lien is created in favor of the state bank on the stock to pay the assessments so made.    (d)  (1) For purposes of this section, a state bank's capital is impaired when, in the opinion of the commissioner, its assets are of such a character and value that it is unable in the ordinary course of business to meet the minimum capital requirements as specified from time to time by administrative policies adopted by the commissioner.  (2) In the absence of fraud or collusion, the determination of the commissioner as to impairment of capital is conclusive.    (e) Subdivision (b)(2) of this section and subsection (c) of this section do not apply to a state bank if the state bank:  (1) Is required to file reports under section 13 or section 15(d) of the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., as it existed on January 1, 2017; or  (2) Has a class of equity securities registered under section 12(b) or section 12(g) of the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., as it existed on January 1, 2017.
AR Code § 23-48-314 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 3 - Organization and Management Generally|§ 23-48-314. Preemptive rights of stockholders

 (a) Unless otherwise provided by the articles of incorporation, every stockholder, upon the sale for cash of any new stock of the same class as that which he or she already holds, shall have the right to purchase his or her pro rata share thereof at a price not exceeding the price at which it may be offered to others, which price may be in excess of par.  (b)  (1) Where the articles of incorporation do not prohibit the preemptive rights, the terms and conditions of the rights, and the time limit fixed for the exercise thereof, may be prescribed in the articles of incorporation or, if not so prescribed in the articles of incorporation, then in the bylaws or in the resolution of the board of directors adopted in connection with the stock increase.  (2) Provided, however, that for all state banks chartered after May 30, 1997, there shall be no preemptive rights in stockholders except as specified in the articles of incorporation.
AR Code § 23-48-316 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 3 - Organization and Management Generally|§ 23-48-316. Transfer of stock

 (a) The stock of every state bank shall be transferrable only on the books of the bank.  (b)  (1) When any number of shares of the stock of a state bank or shares of stock in an Arkansas bank holding company shall be transferred to any transferee or joint transferees, the state bank or Arkansas bank holding company shall promptly transmit to the Bank Commissioner a certificate, on a form prescribed by the commissioner, showing the transfer.  (2) The certificate also shall show the total number of shares at that time outstanding in the name of the transferee or anyone known by the state bank or Arkansas bank holding company to be the nominee of the transferee or holding in trust for the transferee.  (3) This subsection does not apply to a state bank or Arkansas bank holding company that:  (A) Is required to file reports under section 13 or section 15(d) of the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., as it existed on January 1, 2017; or  (B) Has a class of equity securities registered under section 12(b) or section 12(g) of the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., as it existed on January 1, 2017.
AR Code § 23-48-318 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 3 - Organization and Management Generally|§ 23-48-318. Stockholder meetings — Notice of special meeting

 (a) A special meeting of the stockholders, whether held for the purpose of amending the articles of incorporation or for any other lawful purpose, may be called as prescribed in the bylaws or, if the bylaws are silent in that respect, by the president or chief executive officer or by resolution of the board of directors.  (b) Written notice of the special meeting shall be given to each stockholder entitled to vote at the meeting, other than stockholders who waive notice in writing, for the time and in the manner set out in the bylaws subject to the following minimum requirements:  (1) The notice must be signed by an officer of the state bank;  (2) The notice must state the time and place of the meeting and must also state the nature of the proposals to be submitted to the stockholders at the meeting;  (3) The notice must be mailed to each such stockholder, other than those waiving notice, by first-class mail, postage prepaid, directed to the stockholder at the address of the stockholder shown on the stock records of the state bank. The depositing of the notice in the mail as above prescribed shall constitute the giving of the notice. It is not necessary in any event that the mailing be by registered or certified mail; and  (4) If the meeting is called for the purpose of increasing the authorized capital stock of the state bank, the notice shall be mailed at least sixty (60) days prior to the meeting, but if the meeting is called for any other purpose, the notice shall be mailed for such number of days prior to the meeting as may be prescribed in the bylaws. In no event shall mailing be less than ten (10) days prior to the date of the meeting.    (c) Any stockholder may waive the right to receive notice of special meetings of the stockholders by:  (1) A written waiver of the right, signed by the stockholder, which shall be effective as a waiver until revoked; or  (2) The stockholder's attendance, in person or by proxy, at the meeting.
AR Code § 23-48-319 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 3 - Organization and Management Generally|§ 23-48-319. Stockholder meetings — Notice of annual meeting

 (a) Not less than ten (10) days' written notice of an annual meeting shall be given to each stockholder, other than stockholders who waive notice in writing, which notice shall be mailed by first-class mail, postage prepaid, and directed to the stockholder at his or her address shown on the stock records of the state bank.  (b)  (1) However, if it is proposed at an annual meeting to approve an amendment to the articles of incorporation, or to approve a merger, consolidation, conversion, corporate dissolution, or reorganization through a plan of exchange, the annual meeting will be regarded, so far as these special matters are concerned, as a special meeting.  (2) It shall not be lawful to submit the special matters at an annual meeting unless, in respect to the special matters, there shall have been a call of the meeting and written notice given all as required in § 23-48-318 concerning special meetings.
AR Code § 23-48-320 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 3 - Organization and Management Generally|§ 23-48-320. Stockholder meetings — Quorum — Voting

 (a)  (1) Each share of stock shall be entitled to one (1) vote on each matter submitted at a meeting of stockholders except to the extent that the voting rights of any class are limited or denied, to an extent permitted by law, by the articles of incorporation or an amendment thereto.  (2)  (A) Subject to the provisions of subsection (d) of this section, in electing directors at meetings of stockholders, each stockholder of a state bank shall have a right to vote the number of shares owned by him or her for as many persons as there are directors to be elected, or to cumulate the shares so as to give one (1) candidate as many votes as the number of directors multiplied by the number of shares of stock held by him or her shall equal.  (B) The stockholder may distribute his or her votes on the same principle among as many candidates as he or she shall see fit, unless it is provided otherwise in the articles of incorporation or the bylaws of the state bank.      (b)  (1) A majority of the issued and outstanding shares entitled to vote at the meeting shall constitute a quorum.  (2) If a quorum is present, the vote of a majority of the shares present or represented at the meeting and entitled to vote on the subject matter shall be the act of the stockholders unless the vote of a larger majority is required by the bylaws or by this or any other applicable statute.    (c)  (1) A stockholder may vote in person or by written proxy.  (2) No proxy shall be valid after eleven (11) months from the date of its execution unless otherwise provided in the proxy, but a proxy may be of indefinite duration if coupled with an interest.    (d)  (1) For a state bank chartered on or before May 30, 1997, the shareholders of the state bank shall have cumulative voting privileges in the election of directors unless the articles of incorporation of the state bank otherwise provide.  (2) For a state bank chartered after May 30, 1997, there shall be no cumulative voting privilege unless the state bank's articles of incorporation so provide.
AR Code § 23-48-321 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 3 - Organization and Management Generally|§ 23-48-321. Closing transfer books — Fixing record date

 (a) For the purpose of determining stockholders entitled to notice of, or to vote at, any annual or special meeting of stockholders or any adjournment thereof, or entitled to receive payment of any dividend, the board of directors of a state bank may provide that the stock transfer books shall be closed for a stated period but not to exceed, in any case, seventy (70) days before the date of the meeting.  (b) In lieu of closing the stock transfer books, the board of directors may fix a date in advance of the meeting as the record date for any such determination of stockholders. The date in any case may not be more than seventy (70) days prior to the date on which the meeting is to be held.  (c) If the stock transfer books are not closed and no record date is fixed for the determination of stockholders entitled to notice of, or to vote at, a meeting of stockholders, or stockholders entitled to receive payment of a dividend, the date on which notice of the meeting is mailed or the date on which the resolution of the board of directors declaring the dividend is adopted, as the case may be, shall be the record date for the determination of stockholders.  (d) When a determination of stockholders entitled to vote at any meeting of stockholders has been made as provided in this section, the determination shall apply to any adjournment thereof.
AR Code § 23-48-322 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 3 - Organization and Management Generally|§ 23-48-322. Board of directors — Standard of conduct

 (a)  (1)  (A) The affairs of any state bank shall be managed and controlled by a board of directors of not fewer than three (3) persons, who shall be selected at such times and in such manner as may be provided by its bylaws.  (B) Members of the board are not required to be stockholders of the state bank or of its bank holding company unless so provided in the bylaws of the state bank.    (2) The initial board may be elected by the incorporators, with the privilege of cumulative voting to have no application to the election of the initial board.    (b) Any vacancy in the board of directors of any state bank shall be filled by appointment by the remaining directors, and any director so appointed shall hold office until the election of his or her successor.  (c) Unless the articles of incorporation, or an amendment thereto, shall provide to the contrary, the directors shall have exclusive power to promulgate, amend, or repeal bylaws of the state bank.  (d) A director of a bank which maintains its main banking office within the State of Arkansas shall discharge his or her duties as a director, including his or her duties as a member of any committees:  (1) In good faith;  (2) With the care an ordinary prudent person in a like position would exercise under similar circumstances; and  (3) In a manner he or she reasonably believes to be in the best interest of the bank.    (e) In discharging his or her duties, a director shall be entitled to rely on information, opinions, reports, or statements, including financial statements and other financial data, if prepared or presented by:  (1) One (1) or more officers or employees of the bank whom the director reasonably believes to be reliable and competent in the matters presented;  (2) Legal counsel, public accountants, or other persons as to matters the director reasonably believes are within the person's professional or expert competence; or  (3) A committee of the board of directors of which he or she is not a member, if the director reasonably believes the committee merits confidence.    (f) A director is not acting in good faith if he or she has knowledge concerning the matter in question that makes reliance otherwise permitted in subsection (e) of this section unwarranted.  (g) A director is not liable for any action taken as a director, or any failure to take any action, if he or she performed the duties of his or her office in compliance with this section.
AR Code § 23-48-323 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 3 - Organization and Management Generally|§ 23-48-323. Officers — Selection — Terms — Bonds

 (a)  (1) A state bank shall have:  (A) A president or chief executive officer, or both;  (B) A secretary; and  (C) Any other officers as the directors may from time to time designate.    (2) An individual may hold more than one (1) office.    (b) The officers shall hold their offices for a term of one (1) year or until successors are elected unless sooner removed by the board of directors.  (c) The board shall require bonds of the officers as it shall deem proper and necessary to protect the funds of the state bank.
AR Code § 23-48-324 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 3 - Organization and Management Generally|§ 23-48-324. Officers — Taking acknowledgments

 (a) An official of a bank who holds a commission as notary public may act as notary in taking the acknowledgment of mortgages and deeds of trust executed in favor of the bank. All such instruments previously acknowledged in this manner are declared to have been lawfully acknowledged and entitled to record.  (b) This section does not authorize such an official to take the acknowledgment of a deed of trust wherein he or she is named the trustee.
AR Code § 23-48-325 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 3 - Organization and Management Generally|§ 23-48-325. Banker's banks

 (a) Any state bank may purchase, for its own account, shares of a bank or bank holding company if:  (1) The stock of the bank or bank holding company whose shares are being purchased is owned exclusively by financial institutions; and  (2) The bank or bank holding company whose shares are being purchased and all subsidiaries thereof are engaged exclusively in providing services for financial institutions, their parent holding companies, subsidiaries thereof, and the officers, directors, and employees of each.    (b)  (1) In no event shall the total amount of stock held by a bank in any bank or bank holding company described in subsection (a) of this section exceed at any time ten percent (10%) of the holding bank's capital base.  (2) In no event shall the purchase of that stock result in the purchasing bank's acquiring more than five percent (5%) of any class of voting securities of the bank or bank holding company whose shares are purchased.    (c) The Bank Commissioner is authorized to receive applications, hold hearings on the applications, and, with the approval of the State Banking Board, issue charters for a banker's bank.  (d) Any banker's bank chartered under this section must have its deposits insured by the Federal Deposit Insurance Corporation.
AR Code § 23-48-326 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 3 - Organization and Management Generally|§ 23-48-326. Application of Arkansas Business Corporation Act

 All state banks and subsidiary trust companies shall be subject to current provisions of the Arkansas Business Corporation Act, § 4-27-101 et seq., to the extent that those provisions are not in conflict with the provisions of the Arkansas Banking Code of 1997. In the event that any provision of the Arkansas Business Corporation Act, § 4-27-101 et seq., is in conflict with any provision of the Arkansas Banking Code of 1997, then the provision of the Arkansas Banking Code of 1997 shall control.
AR Code § 23-48-401 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 4 - Bank Holding Companies|§ 23-48-401. Definitions

 As used in this subchapter, unless the context otherwise requires:   (1) “Bank subsidiary”, with respect to a specified bank holding company, means:  (A) Any bank, twenty-five percent (25%) or more of whose shares, excluding shares owned by the United States or by any company wholly owned by the United States, are owned or controlled by the bank holding company;  (B) Any bank, the election of a majority of whose directors is controlled in any manner by the bank holding company;  (C) Any bank, twenty-five percent (25%) or more of whose voting shares are held by a trustee for the benefit of the shareholders or members of the bank holding company;  (D) Any bank, with respect to the management or policies of which, the Board of Governors of the Federal Reserve has determined that the bank holding company has the power, directly or indirectly, to exercise a controlling influence; or  (E) Any bank which has been found by the Board of Governors of the Federal Reserve to be controlled by a bank holding company; and    (2) “Company” means any corporation, limited liability company, or business trust doing business in this state but shall not include any corporation the majority of the shares of which are owned by the United States or by any state.
AR Code § 23-48-402 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 4 - Bank Holding Companies|§ 23-48-402. Nonapplicability of subchapter

 (a) This subchapter shall not apply to shares of any company:  (1) Acquired by a bank holding company or by a bank in satisfaction of a debt previously contracted in good faith;  (2) Which are held or acquired by a bank in good faith in a fiduciary capacity; or  (3) Which are of the kinds and amounts eligible for investments by state banks under the provisions of § 23-47-401.    (b)  (1) Notwithstanding subsection (a) of this section, a bank holding company or a state bank shall dispose of shares acquired in satisfaction of a debt previously contracted in good faith within a period of two (2) years from the date on which they were acquired.  (2)  (A) The Bank Commissioner is authorized upon application to extend, from time to time for up to an additional three (3) years, for not more than one (1) year at a time, the two-year period referred to in this section for disposing of any shares acquired by a bank holding company, or state bank, in the regular course of securing or collecting a debt previously contracted in good faith, if, in the commissioner's judgment, such an extension would not be detrimental to the public interest, but no extensions shall, in the aggregate, exceed three (3) years.  (B) However, a bank holding company shall not be prohibited from purchasing shares from any of its banking subsidiaries, subject to the provisions of §§ 23-48-405 and 23-48-406.
AR Code § 23-48-403 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 4 - Bank Holding Companies|§ 23-48-403. Penalties

 (a) Any person who willfully violates any provision of this subchapter or order issued by the Bank Commissioner pursuant to this subchapter or any State Bank Department rule is guilty of a Class A misdemeanor.  (b) Any person who willfully participates in a violation of any provision of this subchapter is guilty of a Class A misdemeanor.
AR Code § 23-48-404 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 4 - Bank Holding Companies|§ 23-48-404. Administration

 The Bank Commissioner is authorized to and shall administer and carry out the provisions of this subchapter and shall issue such rules and orders as may be necessary to discharge this duty and to prevent evasions of this subchapter.