reglab/housing_qa huggingface dataset:
AR Code § 23-37-310 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 37 - Savings And Loan Associations|Subchapter 3 - Organization|§ 23-37-310. Approval or denial of application for charter

 (a) The Savings and Loan Association Board [abolished] shall not approve any charter application unless the incorporators establish and the board shall have affirmatively found from the data furnished with the application, the evidence adduced at the hearing, and the official records of the Supervisor of Savings and Loan Associations that:  (1) All the prerequisites for the approval of a charter set forth in this chapter have been complied with;  (2) The character, responsibility, and general fitness of the persons who are named in the articles of incorporation and who will serve as directors and officers of the association are such as to command confidence and warrant belief that the business of the proposed association will be honestly and efficiently conducted in accordance with the intent and purpose of this chapter and the proposed association will have qualified full-time management;  (3) There is a public need for the proposed association, and the volume of business in the area in which the proposed association will conduct its business is such as to indicate a successful operation;  (4) The operation of the proposed association will not unduly harm any other existing association, federal savings and loan association, or other financial institution; and  (5)  (A) The proposed association will be independent of the other financial institutions.  (B) Those persons named in the articles of incorporation as directors and officers do not have affiliations with any financial institutions or other businesses closely related to the savings and loan association business which would affect the independence of the proposed association.  (C) The directors are representative of the community.      (b)  (1) If the board so finds, its findings shall be stated in writing, and the supervisor shall endorse the approval of the board on the proposed articles of incorporation and bylaws, whereupon the proposed association shall be a corporate body and may exercise the powers of a savings and loan association as set forth in this chapter.  (2) A copy of the articles of incorporation of the association bearing the approval of the supervisor shall be filed in the office of the supervisor, with the Secretary of State, and with the county clerk of the county in which the home office of the association is located.    (c) If the board does not make the findings as required by subsection (a) of this section, it shall issue a written statement of its grounds for refusal. This statement shall be promptly mailed to the chair of the incorporators by certified mail.
AR Code § 23-37-311 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 37 - Savings And Loan Associations|Subchapter 3 - Organization|§ 23-37-311. Failure to commence business — Cancellation of charter

 (a) Within one (1) year after the date of the action of the Savings and Loan Association Board [abolished] granting the charter, the association shall furnish satisfactory evidence to the Supervisor of Savings and Loan Associations that it has commenced business. If the order of the board granting the charter of any action regarding insurance of its accounts is appealed to one (1) or more state or federal courts, the association shall show proof that it has commenced business within one (1) year after the conclusion of the litigation.  (b)  (1) If any association fails to commence business within the one-year period and the supervisor so finds after notice and hearing, he or she shall enter an order cancelling the charter unless good cause is shown for the failure, in which event the supervisor shall grant a reasonable extension of time for commencing business, not to exceed two (2) years, to give the association the opportunity to overcome the cause for delay.  (2) No charter shall be cancelled during the pendency of any litigation in any state or federal court regarding the charter, the operation, or the insurance of the accounts of a savings and loan association.    (c) The supervisor shall file a copy of any order cancelling a savings and loan association charter with the Secretary of State and with the county clerk of the county in which the home office of the association is located.  (d) Parties other than the affected association shall not be heard regarding any extension of time of an association's charter. However, any party which appeared before the board protesting the granting of the charter shall, upon written request, be notified of the determination of the supervisor on the extension request.
AR Code § 23-37-312 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 37 - Savings And Loan Associations|Subchapter 3 - Organization|§ 23-37-312. Amendment of charter and bylaws

 By resolution adopted by a majority vote of its members if a mutual association, or by its stockholders if a permanent stock association, at any annual meeting or special meeting called for that purpose, any association may amend its articles of incorporation or bylaws in any manner not inconsistent with the provisions of this chapter. However, before the amendments become effective, they must be filed with, and approved by, the Supervisor of Savings and Loan Associations.
AR Code § 23-37-313 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 37 - Savings And Loan Associations|Subchapter 3 - Organization|§ 23-37-313. Changes in name, location, etc

 (a) No association shall, without the prior approval of the Savings and Loan Association Board [abolished] or Supervisor of Savings and Loan Associations:  (1) Establish any branch office other than the principal office stated in its articles of incorporation;  (2) Move any principal office or branch office of the association beyond two (2) miles of its original location; or  (3) Change its name.    (b)  (1) When approval is applied for, the supervisor shall give written notice, as required by this chapter and the rules of the board, to every state or federal association whose home office is located in the same county or whose home office is in a county adjoining the county in which the home office of the petitioning association is located.  (2) If no protest is received within the time set forth by this chapter and by the board in its rules, the supervisor may approve or deny the establishment or move of any branch office, move of a home office, or a change of name.    (c) An association may not move its home office from the county in which its home office was originally located.
AR Code § 23-37-314 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 37 - Savings And Loan Associations|Subchapter 3 - Organization|§ 23-37-314. Indemnity bonds of directors, officers, and employees

 (a) Every association shall maintain on file with the Supervisor of Savings and Loan Associations an effective blanket indemnity bond with a corporate surety protecting the association from loss by or through any fraud, dishonesty, forgery or alteration, larceny, theft, embezzlement, robbery, burglary, holdup, wrongful or unlawful abstraction, misappropriation, or any other dishonest or criminal action or omission by any director, officer, or employee of the association.  (b) Associations which employ collection agents, who for any reason are not covered by a bond as required in subsection (a) of this section, shall provide for the bonding of each collection agent in an amount equal to at least twice the average monthly collection of the agent. Collection agents shall be required to make settlement with the association at least monthly. No bond coverage will be required of any agent which is a bank insured by the Federal Deposit Insurance Corporation or an institution insured by the Federal Savings and Loan Insurance Corporation [abolished].  (c) The amounts and forms of the bonds and sufficiency of the surety thereupon shall be approved by the supervisor. All of the bonds shall provide that a cancellation thereof either by the surety or the insured shall not become effective unless and until thirty (30) days' notice in writing first shall have been given to the supervisor, unless he or she approves the cancellation earlier.
AR Code § 23-37-315 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 37 - Savings And Loan Associations|Subchapter 3 - Organization|§ 23-37-315. Corporate name

 (a)  (1) The name of every new association organized under this chapter shall include either the words “savings and loan association” or “building and loan association”.  (2) These words shall be preceded by appropriate descriptive words approved by the Savings and Loan Association Board [abolished].  (3) An ordinal number may not be used as a single descriptive word preceding the words “savings and loan association” or “building and loan association” unless such words are followed by the words “of ,” the blank being filled by the name of the town, city, or county in which the association has its home office.  (4) The words “national”, “federal”, “United States”, “insured”, “guaranteed”, or any form thereof, separately or in any combination thereof with other words or syllables, may not be used as part of the corporate name of an association organized under this chapter.    (b) A charter shall not be granted to a proposed association having the same name as any other association or federal savings and loan association authorized to do business in this state or a name so nearly resembling it as to be calculated to deceive, except an association formed by a reincorporation, reorganization, or consolidation of other associations, or upon the sale of the property or franchise of an association.  (c) No person, firm, company, association, fiduciary, partnership, or corporation, either domestic or foreign, unless authorized to do business in this state under the provisions of this chapter, shall do business under any name or title which indicates, or reasonably implies, that the business is the character or the kind of business carried on or transacted by an association, or which is calculated to lead any person to believe that the business is that of an association.  (d) Upon application by the Supervisor of Savings and Loan Associations or by any affected association, a court of competent jurisdiction may issue an injunction to restrain any such entity from violating or continuing to violate any of the foregoing provisions of this section.
AR Code § 23-37-316 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 37 - Savings And Loan Associations|Subchapter 3 - Organization|§ 23-37-316. Standards of conduct

 (a) A director of a state-chartered savings and loan association or federal savings bank 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 savings and loan association or federal savings bank.    (b) 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 savings and loan association whom the director reasonably believes to be reliable and competent in 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.    (c) A director is not acting in good faith if the director has knowledge concerning the matter in question that makes reliance on the information or data described in subsection (b) of this section unwarranted.  (d) 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 § 23-37-401 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 37 - Savings And Loan Associations|Subchapter 4 - Operation Generally|§ 23-37-401. Powers commensurate with federal associations

 Irrespective of any limitations contained in this chapter, the Supervisor of Savings and Loan Associations may adopt rules authorizing or empowering any association chartered or operating under the provisions of this chapter to:   (1) Pay or give any premium or other concession for the opening or increasing of a savings account to the same extent that the payment of premiums or the granting of other concessions may be authorized for a federal association doing business in this state;  (2) Designate the legal relationship between the association and the holder of a savings account with the association and the name to be given the savings account in any advertising or public description of the savings account to the same extent that those designations and legal relationships are authorized for a federal association doing business in this state;  (3) Adopt any dividend or interest paying date or other procedure or practice with respect to the paying of interest or dividends authorized for a federal association doing business in this state;  (4) Adopt any business practice, procedure, method, or system authorized by a federal association doing business in this state, except nothing herein will permit an extension of a state savings and loan association's branching authority beyond the limitations of state law; and  (5) Make any loan or investment that a federal association doing business in this state is authorized to make.
AR Code § 23-37-402 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 37 - Savings And Loan Associations|Subchapter 4 - Operation Generally|§ 23-37-402. Authority to act as trustee for certain trusts

 (a) A savings and loan association created pursuant to the laws of the United States or the State of Arkansas may act as trustee, and may receive reasonable compensation for so acting, of any trust created or organized in the United States and forming part of a stock bonus, pension, or profit-sharing plan which qualifies or qualified for specific tax treatment under § 401(d) or § 408(a) of the Internal Revenue Code of 1954 if the funds of the trust are invested only in savings accounts or deposits in the association or in obligations or securities issued by the association. However, no association may invest any trust funds in its own common or preferred stock.  (b) All funds held in a fiduciary capacity by any association may be commingled for appropriate purposes of investment, but individual records shall be kept by the fiduciary for each participant and shall show in proper detail all transactions engaged in under the authority of this section.  (c) A savings and loan association within this state acting pursuant to this section shall not be deemed to be acting as an investment adviser within the meaning of the Arkansas Securities Act, § 23-42-101 et seq.
AR Code § 23-37-403 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 37 - Savings And Loan Associations|Subchapter 4 - Operation Generally|§ 23-37-403. Dividends

 (a)  (1) After providing for payment of the expenses of operation of the association and for the required minimum transfer to its general loss reserves on each closing day as prescribed by the Supervisor of Savings and Loan Associations, the board of directors of an association may declare a dividend on savings accounts of record on the last business day of March, June, September, and December. The dividends shall be payable as of the dividend date or at a later date not more than thirty (30) days following the dividend date.  (2) Dividends shall be declared on the withdrawal value of each savings account at the beginning of the dividend period, plus additions thereto made during the dividend period less amounts withdrawn, which for dividend purposes shall be deducted from the latest previous additions thereto, computed at the declared rate for the time invested.  (3) For dividend purposes, the date of investment shall be the date fixed by the board of directors of an association with the approval of the Savings and Loan Association Board [abolished] which shall be not later than thirty (30) days after or prior to the date of actual receipt by the association of an account or an addition to an account.  (4) Dividends shall be credited to savings accounts on the books of the association unless the association shall have agreed to pay dividends on all or any part of any savings account in cash.  (5) All savings account holders shall participate equally in dividends pro rata to the withdrawal value of their savings accounts; no association shall be required to pay or credit dividends on accounts of ten dollars ($10.00) or less.    (b) With the approval of the Savings and Loan Association Board [abolished], a savings and loan or building and loan association operating under authority of the statutes of Arkansas may pay to the holders of its savings accounts any rate of dividend, or bonus, or special dividend, or classify its savings accounts for the purpose of paying a differential or variable dividend, or adopt any other dividend policy that is authorized for federal associations operating in this state, irrespective of any limitation contained in this chapter or other laws of this state.
AR Code § 23-37-405 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 37 - Savings And Loan Associations|Subchapter 4 - Operation Generally|§ 23-37-405. Membership charges prohibited

 (a) No association shall directly or indirectly charge any membership, admission, withdrawal, or any other fee or sum of money for the privilege of becoming, remaining, or ceasing to be a member of the association, except charges upon the making or modification of a loan.  (b) No association shall charge any member any sum of money by way of fine or penalty for any cause, except for charges made against borrowers for defaults or prepayments.
AR Code § 23-37-406 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 37 - Savings And Loan Associations|Subchapter 4 - Operation Generally|§ 23-37-406. Payment of commission on sale of stock

 An association shall pay no fee, commission, or other remuneration to any person for the sale of its permanent capital stock without prior approval of the Savings and Loan Association Board [abolished].
AR Code § 23-37-501 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 37 - Savings And Loan Associations|Subchapter 5 - Savings Accounts|§ 23-37-501. Accounts of minors

 (a) An association and any federal association may accept savings accounts from any minor, as the sole and absolute owner of the savings account, and receive payments thereon by or for the owner, and pay withdrawals, accept pledges to the association, and act in any other manner with respect to the accounts on the order of the minor.  (b) Any payment or delivery of rights to a minor, or a receipt or acquittance signed by a minor shall be a valid and sufficient release and discharge of the association for the payment so made or delivery of rights. The receipt, acquittance, pledge, or other action taken by the minor shall be binding upon the minor with like effect as if he or she were of full age and legal capacity. However, if either parent or guardian of the minor advises an association in writing that the minor shall not have unrestricted authority to deal with his or her savings account, during the minority of the minor, the minor shall not be authorized to deal with his or her savings account except with the joinder of a parent or guardian.  (c) In the event of the death of the minor, the receipt or acquittance of one (1) parent or the guardian of the minor shall be valid and sufficient discharge of the association.  (d) With respect to a minor under twelve (12) years of age, the receipt, acquittance, pledge, or other action required by the association may be taken by one (1) parent or the person standing in loco parentis to the minor.
AR Code § 23-37-503 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 37 - Savings And Loan Associations|Subchapter 5 - Savings Accounts|§ 23-37-503. Accounts of fiduciaries

 (a) An association or a federal association may accept savings accounts in the name of any administrator, executor, custodian, guardian, trustee, or other fiduciary, with or without the designation of the name of the beneficiary or the court order creating the fiduciary relationship. The fiduciary shall have power to vote as a member, to open and make additions to, and to withdraw from the savings account in whole or in part.  (b)  (1) The payment or delivery of rights to the fiduciary or a receipt or acquittance signed by the fiduciary to whom any payment or delivery of rights is made shall be a valid and sufficient release and discharge of an association.  (2) If the savings account is in the name of more than one (1) fiduciary, the payment to only one (1) fiduciary or a receipt or acquittance signed by only one (1) fiduciary to whom any payment is made shall be a valid and sufficient release and discharge of an association for the payment so made, unless the written savings agreement filed with the association provides otherwise.    (c) Unless the written agreement or court order filed with the association at the time an account is opened by a fiduciary provides otherwise, the association may make loans on the security of the savings account, pay withdrawals to the fiduciary personally or as directed by him or her, and otherwise deal with the account, in whole or in part, without regard to any notice to the contrary, as directed by the fiduciary, so long as the fiduciary is living, or if two (2) or more fiduciaries are designated, so long as one (1) fiduciary is living.  (d) Whenever a person holding an account in a fiduciary capacity dies and no written notice or order of the circuit court of the revocation or termination of the fiduciary relationship has been given to the association and the association has no written notice of an order of the circuit court of any other disposition of the beneficial estate, the withdrawal value of the account and dividends thereon or other rights relating thereto may, at the option of the association, be paid or delivered, in whole or in part, to the beneficiary, and the association shall have no further liability therefor.