reglab/housing_qa huggingface dataset:
AR Code § 23-48-103 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 1 - General Provisions|§ 23-48-103. Bank holidays

 (a)  (1) Any bank, subsidiary trust company, or national trust company doing business in this state may close its office for the transaction of business upon any day which has been or may hereafter be set apart or designated under the laws of this state or of the United States as a legal holiday.  (2) All acts omitted or done by any bank, subsidiary trust company, or national trust company upon any such day shall have the same consequence and effect as if omitted or done upon the next succeeding business day.    (b)  (1) Any bank, subsidiary trust company, or national trust company transacting business in the State of Arkansas may close on any one (1) business day of each week.  (2) Any day upon which a bank, subsidiary trust company, or national trust company may elect to close shall, with respect to the institution, be deemed a holiday for all purposes and not a business day.  (3) All acts omitted or done by a bank, subsidiary trust company, or national trust company upon any such day shall have the same consequence and effect as if omitted or done upon the next succeeding business day.    (c) Any act authorized, required, or permitted to be performed at or with respect to any such bank, subsidiary trust company, or national trust company on the days closed may be performed on the next succeeding business day, and no liability or loss of rights of any kind shall result from the delay.
AR Code § 23-48-104 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 1 - General Provisions|§ 23-48-104. Dealings with agents, fiduciaries, etc

 A bank dealing, whether to its own benefit or otherwise, with, through, or under any person who is or may be an officer, employee, member, agent, trustee, representative, or other fiduciary of another person shall not be deemed to have notice of nor be obligated to inquire as to any lack of or limitation upon the power of the person solely by reason either of:   (1) The fact that the person has executed in his or her representative capacity and is himself or herself the payee or endorsee of any check, bill, note, or other promise or order; or  (2) The use of descriptive words in connection with his or her deposit account or accounts, any transfer, certificate, or memorandum thereof, or in connection with any signature or endorsement of the person.
AR Code § 23-48-105 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 1 - General Provisions|§ 23-48-105. Agents for affiliate — Definitions

 (a)  (1) As used in this section, “institution” means a bank, savings and loan association, or savings bank organized under the laws of any state or the United States.  (2) For the purpose of determining what constitutes an affiliated institution in this section, “control”, as it pertains to the definition of “affiliate”, has the meaning set forth in § 2(a)(2) of the Bank Holding Company Act of 1956, 12 U.S.C. § 1841.    (b) Any state bank may, upon compliance with the requirements of this section, agree to receive deposits, renew time deposits, close loans, service loans, receive payments on loans and other obligations, perform such other services as may receive the prior approval of the Bank Commissioner, and act as an agent for any affiliated institution.  (c) A state bank that proposes to enter into an agency agreement under this section shall, prior to entering into such an agreement, file with the commissioner:  (1) A notice of intention to enter into an agency agreement with an affiliated institution;  (2) A description of the services proposed to be performed under the agency agreement; and  (3) A copy of the agency agreement.    (d)  (1) If any proposed service is not specifically designated in subsection (b) of this section, and has not previously been approved in a State Bank Department rule, the commissioner shall decide whether to approve the offering of the service after receipt of the notice required in subsection (c) of this section.  (2) In deciding whether to approve any proposed service that is not specifically designated in subsection (b) of this section, the commissioner shall consider whether the service would be consistent with applicable federal and state law and the safety and soundness of the principal and agent institutions.    (e) A state bank may not under an agency agreement:  (1) Conduct any activity as an agent that it would be prohibited from conducting as a principal under applicable state or federal law; or  (2) Have an agent conduct any activity that the state bank, as principal, would be prohibited from conducting under applicable state or federal law.    (f) The commissioner may order a state bank or any other institution subject to the commissioner's enforcement powers to cease acting as an agent or principal under any agency agreement that the commissioner finds to be inconsistent with safe and sound banking practices.  (g) Notwithstanding any other provision of the law of this state, a state bank acting as an agent for an affiliated institution in accordance with this section shall not be considered to be a branch of that institution.
AR Code § 23-48-106 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 1 - General Provisions|§ 23-48-106. Exemption from posting bond in certain transactions

 (a) Except when the dollar amount of responsibility assumed exceeds its capital base, no bank chartered or licensed to do business in this state shall be required to furnish fidelity, surety, or performance bond, in business transactions involving:  (1) Garnishment;  (2) Replevin;  (3) Foreclosure; or  (4) Forcible entry and detainer.    (b) At the beginning of any proceeding in all such business transactions, the bank shall, upon request, furnish to each party to the transaction a copy of its most recent statement of financial condition.  (c) Nothing in this section shall be construed to:  (1) Prevent a bank from electing or agreeing to furnish bond at its own cost;  (2) Prevent any other party of interest desiring protection in a business transaction with a bank from electing to secure and pay for a bond covering the bank to the benefit of the party to the transaction; or  (3) Amend or repeal any law pertaining to:  (A) Corporate surety or indemnity bonds covering directors, officers, or employees of the bank;  (B) Foreign corporations, associations, or persons not authorized to do business in this state;  (C) Actions available against the bank for injury or damage; or  (D) Bonding requirements involving fiduciary activities.
AR Code § 23-48-201 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 2 - Reserves and Dividends|§ 23-48-201. Membership in Federal Reserve System

 Any state bank shall have the right to own such amount of stock in a federal reserve bank as may be required for it to become a member of the Federal Reserve System.
AR Code § 23-48-202 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 2 - Reserves and Dividends|§ 23-48-202. Reserve requirements

 A state bank not a member of the Federal Reserve System shall maintain at all times a reserve fund as required by the Federal Reserve Board, unless otherwise provided by State Bank Department rules.
AR Code § 23-48-203 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 2 - Reserves and Dividends|§ 23-48-203. Payment of dividends

 Any state bank may, from time to time, declare and pay dividends in accordance with State Bank Department rules.
AR Code § 23-48-302 (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|§ 23-48-302. Organizational expenses

 (a) Organizational expenses shall not be paid from capital or surplus funds of the state bank without the prior written consent of the Bank Commissioner.  (b)  (1) Prior to applying for a charter, the incorporators shall establish an organizational expense fund in an amount the commissioner deems adequate.  (2) The fund shall be used for expenses incurred by the incorporators in connection with the organization of the proposed state bank.
AR Code § 23-48-303 (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|§ 23-48-303. Promoter's fees prohibited

 (a) A state bank shall not pay any fee, compensation, or commission for promotion in connection with its organization or apply any money received on account of shares or subscriptions, selling shares, or other services in connection with its organization or for securing subscriptions for stock, except legal fees and other usual and ordinary expenses necessary for its organization.  (b) A majority of incorporators shall file with the State Bank Department, at the time of filing of the articles, an affidavit:  (1) Setting forth all expenses incurred or to be incurred in connection with the organization of the state bank, subscription for its shares, and sale of its shares; and  (2) Stating that no fee, compensation, or commission prohibited by this section has been paid or incurred.    (c) In the event of a violation of this section, the Bank Commissioner may disapprove the articles on account of the violation.
AR Code § 23-48-304 (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|§ 23-48-304. Investigation of new charter applications by Bank Commissioner

 (a) As soon as practicable after acceptance of any application for a new state bank charter and receipt of the filing fee, the Bank Commissioner shall ascertain, from the best sources of information at his or her command, the character and general fitness of the persons named as stockholders of more than five percent (5%) of the issued stock and their standing in the community in which the proposed institution is to be located.  (b) The investigation shall seek to determine the probable support for the new state bank and the adequacy of existing facilities and services in the community.  (c) The investigation shall address:  (1) The proposed institution's earnings and deposits prospects;  (2) The ability and character of its proposed management;  (3) The adequacy of initial capital;  (4) The safety and soundness of intended operations;  (5) The economic conditions in the market to be served;  (6) The convenience and needs of the community to be served; and  (7) Whether or not its proposed corporate powers are consistent with applicable banking law.    (d) The commissioner shall also determine to his or her satisfaction that:  (1) The persons named as stockholders of more than five percent (5%) of the issued stock, incorporators, and directors have the confidence of the community and are able, financially and otherwise, to discharge the obligations resting upon them under any of the provisions of this chapter;  (2) The requisite capital has been fully subscribed and the purchase price therefor has been paid into an escrow account approved by the commissioner and that the requirements of § 23-48-310 have been met;  (3) A majority of the stockholders are residents of this state; and  (4) There exists an economic need for the business in the community.
AR Code § 23-48-305 (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|§ 23-48-305. Issuance and filing of certificate of incorporation

 (a) Upon approval of the State Banking Board and payment of the fees, the Bank Commissioner shall give to the persons named as incorporators a certificate of incorporation, in the form that he or she may prescribe, if the commissioner has made satisfactory determinations as to the matters described in § 23-48-304(d)(1)-(4) and is also satisfied that appropriate federal deposit insurance has been obtained.  (b) The commissioner shall also return one (1) of the copies submitted to him or her of the articles of incorporation upon which he or she has endorsed the fact of the issuance by him or her of the certificate of incorporation.  (c) Upon receipt of the certificate of incorporation, the institution may proceed with its business.
AR Code § 23-48-306 (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|§ 23-48-306. Relocation of place of business — Amendment of articles

 (a)  (1) Any state bank may apply for authority to change its place of business from one (1) municipality to another by filing with the Bank Commissioner, as an amendment to its articles of incorporation, two (2) copies of a resolution to that effect, and such additional information which the commissioner may require.  (2) The resolution must be adopted upon the affirmative vote of the holders of at least a simple majority of the outstanding shares entitled to vote thereon, at any annual or special meeting of the stockholders.  (3) Both copies of the resolution shall be signed by the president or chief executive officer or a vice president.  (4) One (1) of the copies of the resolution shall be retained by the commissioner. The other copy, if the commissioner and State Banking Board approve the amendment, shall be returned with the commissioner's endorsement of approval thereof.    (b) The amendment shall become effective when it has been approved by the commissioner and the board.  (c) Each application for authority to change a state bank's place of business shall be accompanied by a fee as shall be set by State Bank Department rule, which fee shall be paid to the department.
AR Code § 23-48-307 (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|§ 23-48-307. Objects and method of charter amendment

 (a) Any state bank, through amendment to its articles of incorporation, may from time to time do the following, which shall be in addition to all things it may otherwise do through amendment under the Arkansas Banking Code of 1997:  (1) Change its corporate name;  (2) Change, enlarge, or diminish its corporate purposes, in accordance with the applicable state law;  (3) Increase or decrease its authorized capital stock, subject to the limitations and in the manner set out in § 23-48-311;  (4) Effect splits of its shares or a distribution of some portion of its assets, other than cash or its own stock; and  (5) Effect any fundamental change in its corporate affairs which may be accomplished by charter amendment under any other statute of Arkansas.    (b) Articles of incorporation of a state bank may be amended at any annual or special meeting of the stockholders.  (c) Except as provided in § 23-48-313(a)(1)(C), unless a greater percentage of votes is required in the articles of incorporation for an amendment of any provision of the articles of incorporation, an amendment to the articles of incorporation may be adopted on the affirmative vote of the owners of a simple majority of each class of stock entitled to vote on the proposed amendment.
AR Code § 23-48-308 (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|§ 23-48-308. Filing of amendments to articles of incorporation

 (a)  (1) An application for approval of a proposed charter amendment described in § 23-48-307 shall be submitted to the Bank Commissioner in the manner and form that the commissioner may prescribe and shall include the information set forth in subsection (b) of this section, and contain additional information which the commissioner may require.  (2) The application shall include duplicate copies of each proposed charter amendment, in the form of an amendment to the articles of incorporation, each copy to be certified by the president or chief executive officer or a vice president.    (b) Each duplicate shall have annexed thereto, over the official signatures, a certificate showing:  (1) The date on which the amendment was authorized by the stockholders;  (2) The number of shares of each class entitled to vote on the amendment which were outstanding on the date of the stockholders' meeting;  (3) The number of shares of each class entitled to vote on the amendment whose owners were present in person or by proxy;  (4) The number of shares of each class voted for and against the amendment; and  (5) The manner in which the meeting was called and the time and manner of giving notice, with a certification that the meeting was lawfully called and held.    (c) The commissioner may also require the delivery to him or her of additional copies of the proposed amendment that he or she may desire in order to present the matter to the State Banking Board and any parties opposing the amendment.  (d)  (1) One (1) of the duplicate copies of any charter amendment filed with the commissioner and certified as prescribed in this section, bearing an endorsement of the commissioner showing that the amendment has been approved by him or her and by the board, shall be returned to the applicant state bank.  (2) The amendment shall become effective when it has been approved by the commissioner and the board.    (e)  (1) Each application for approval of a proposed charter amendment described in § 23-48-307 shall be accompanied by a fee of not less than one hundred dollars ($100) nor more than five hundred dollars ($500).  (2) The fee shall be set by State Bank Department rule and shall be paid to the department.    (f) This section does not apply to the issuance of preferred stock when the issuance is authorized and issued by a state bank when approved by the commissioner and otherwise in compliance with § 23-48-313(a)(1)(C).
AR Code § 23-48-310 (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|§ 23-48-310. Minimum capital requirements generally

 (a) For all state banks chartered after May 30, 1997, the fully paid-up capital shall not be less than one million dollars ($1,000,000). For all state banks, regardless of the dates of their charters, the following capital requirements shall apply:  (1) The minimum “capital base” shall be determined by the Bank Commissioner; and  (2) The capital requirements for any state bank must also satisfy the requirements for deposit insurance of the Federal Deposit Insurance Corporation or its successor.    (b)  (1) The commissioner may increase the minimum capital requirement of any state bank, regardless of the date of its charter when, in the commissioner's judgment, conditions within the state bank or the state bank's service area warrant such an increase.  (2) In the event the commissioner orders an increase in a state bank's capital requirement, the state bank shall have at least thirty (30) days from the date of the order to comply with the order, or such longer period as the commissioner may allow.  (3) In the event a state bank disagrees with the commissioner's judgment in ordering an increase in its minimum capital requirement, it may appeal the commissioner's decision to the State Banking Board. An appeal may be had by following the procedures specified by the board.    (c) Shares of a newly chartered state bank may be issued only for cash in an amount sufficient to meet the capitalization requirements set by the commissioner which shall be at least the aggregate par value of the shares plus the amounts, if any, necessary to assure that after issuance of the shares the bank will have the minimum capital base required by the commissioner under this section and the expense fund required by § 23-48-302.
AR Code § 23-48-311 (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|§ 23-48-311. Increase or decrease of capital stock

 (a) The authorized capital stock of any state bank may be increased or decreased by amendment to its articles of incorporation, subject to the requirements pertaining to such amendments contained in §§ 23-48-307 and 23-48-308.  (b) A capital stock increase may be effected by the issuance and sale of additional shares, which additional shares may be of the same class as the shares then outstanding or may be represented by a different class or classes having privileges, preferences, and voting rights greater or less than those appurtenant to the then outstanding shares, whether common stock or preferred stock.  (c) Stock dividends may be paid out of surplus or undivided profits.  (d) A state bank may authorize common stock, which may be retained, unissued by the institution, until such time as the board of directors shall order its sale or distribution.  (e) Except as otherwise permitted under § 23-47-102(c), a decrease of the capital stock shall not be permitted without the consent of the Bank Commissioner and in no event shall the capital be reduced to a figure below the minimum prescribed by law.