reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 3 - ORGANIZATION (§§ 23-37-301 — 23-37-316) › Section 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.
Acts 1963, No. 227, § 28; A.S.A. 1947, § 67-1828.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 3 - ORGANIZATION (§§ 23-37-301 — 23-37-316) › Section 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.
Acts 1993, No. 990, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 4 - OPERATION GENERALLY (§§ 23-37-401 — 23-37-406) › Section 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.
Amended by Act 2019, No. 315,§ 2496, eff. 7/24/2019.
Acts 1963, No. 227, § 58; 1969, No. 242, § 1; A.S.A. 1947, § 67-1858; Acts 1988 (4th Ex. Sess.), No. 2, § 8; 1988 (4th Ex. Sess.), No. 12, § 8; 2001, No. 1553, § 35.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 4 - OPERATION GENERALLY (§§ 23-37-401 — 23-37-406) › Section 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.
Acts 1975, No. 595, §§ 1, 2; A.S.A. 1947, §§ 67-1867, 67-1868.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 4 - OPERATION GENERALLY (§§ 23-37-401 — 23-37-406) › Section 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.
Acts 1963, No. 227, § 60; 1967, No. 144, § 1; A.S.A. 1947, §§ 67-1860, 67-1860.1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 4 - OPERATION GENERALLY (§§ 23-37-401 — 23-37-406) › Section 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.
Acts 1963, No. 227, § 34; A.S.A. 1947, § 67-1834.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 4 - OPERATION GENERALLY (§§ 23-37-401 — 23-37-406) › Section 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].
Acts 1963, No. 227, § 32; 1981, No. 444, § 2; A.S.A. 1947, § 67-1832.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 5 - SAVINGS ACCOUNTS (§§ 23-37-501 — 23-37-512) › Section 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.
Acts 1963, No. 227, § 37; A.S.A. 1947, § 67-1837.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 5 - SAVINGS ACCOUNTS (§§ 23-37-501 — 23-37-512) › Section 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.
Acts 1963, No. 227, § 40; A.S.A. 1947, § 67-1840.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 5 - SAVINGS ACCOUNTS (§§ 23-37-501 — 23-37-512) › Section 23-37-504 - Accounts of deceased nonresidents

(a)
When a savings account is held in any association or federal association by a person residing in another state or country, the account, together with additions thereto and earnings thereon, or any part thereof, may be paid to the administrator or executor appointed in the state or country where the account holder resided at the time of death if the administrator or executor has furnished the association with:
(1)
Authenticated or certified copies of his or her letters; and
(2)
An affidavit by the administrator or executor that, to his or her knowledge, no letters then are outstanding in this state and no petition for letters is pending on the estate in this state, and that there are no creditors of the estate in this state.
(b)
Upon payment or delivery to the representative after receipt of the affidavit and authenticated copies, the association shall be released and discharged to the same extent as if the payment or delivery had been made to a legally qualified resident executor or administrator, and the association shall not be required to see to the application or disposition of the property.
(c)
No action at law or in equity shall be maintained against the association for payment made in accordance with this section.
Acts 1963, No. 227, § 42; A.S.A. 1947, § 67-1842.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 5 - SAVINGS ACCOUNTS (§§ 23-37-501 — 23-37-512) › Section 23-37-506 - Conflicting claims to accounts

In the event an association is given notice that conflicting claims of whatever kind and nature exist to the ownership or right to withdraw a savings account, the association may, at its option, without liability, withhold paying any withdrawals from the account until it receives a written withdrawal request executed by all the claimants to the savings account.
Acts 1963, No. 227, § 39; A.S.A. 1947, § 67-1839.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 5 - SAVINGS ACCOUNTS (§§ 23-37-501 — 23-37-512) › Section 23-37-507 - Damages for refusal to pay withdrawal request

In the event an association wrongfully and without legal right refuses to pay a withdrawal request for a savings account, the owner of the savings account shall be entitled to recover damages from the association equal to interest at the legal rate prescribed by the laws of this state from the date the withdrawal request was refused. The owner shall not be entitled to recover from the association any special damages of whatever kind or nature.
Acts 1963, No. 227, § 46; A.S.A. 1947, § 67-1846.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 5 - SAVINGS ACCOUNTS (§§ 23-37-501 — 23-37-512) › Section 23-37-508 - Power of attorney

An association or a federal association may recognize, or continue to recognize, the authority of an attorney in fact authorized in writing to manage or to make withdrawals, either in whole or in part, from a savings account until it receives written notice of the revocation of the authority of the attorney in fact or until it receives written notice of the death or adjudication of incompetency of the owner of the savings account.
Acts 1963, No. 227, § 41; A.S.A. 1947, § 67-1841.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 5 - SAVINGS ACCOUNTS (§§ 23-37-501 — 23-37-512) › Section 23-37-509 - Lien on account of borrower - Pledge of third party's account as security on loan

(a)
Every association operating under this chapter or any federal association shall have a lien, without further agreement or pledge, upon all savings accounts owned by any borrower, or savings accounts subject to withdrawal by any borrower, to secure the payment of any indebtedness of the borrower to the association. Upon default on any loan, the association may, without notice to or consent of the borrower, cancel on its books all or any part of those savings accounts and apply the withdrawal value of the accounts in payment of any indebtedness of the borrower to the association.
(b)
An association may, by written instrument, waive its lien, in whole or in part, on any savings accounts.
(c)
An association may take the pledge of savings accounts of the association owned by a person other than the borrower as security or additional security for any loan made or purchased by the association.
Acts 1963, No. 227, § 36; A.S.A. 1947, § 67-1836.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 5 - SAVINGS ACCOUNTS (§§ 23-37-501 — 23-37-512) › Section 23-37-510 - Validity of release or acquittance by officers of corporation or association

A release or acquittance signed by either the president or the secretary of any corporation or any unincorporated association, whether foreign, domestic, charitable, public, or private, or signed by any person purporting to be the president or secretary of the corporation, who opens a savings account in the name of the corporation, shall constitute a valid and sufficient release of any association to the extent of any payment or delivery of rights or property made by the association to a corporation or unincorporated association upon the written direction of the president or secretary unless there has been filed with the association a copy of a resolution of the board of directors or other governing body of the corporation or unincorporated association designating other officers or agents of the corporation or unincorporated association who have the power to act for the corporation or unincorporated association with respect to the savings account.
Acts 1963, No. 227, § 45; A.S.A. 1947, § 67-1845.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 5 - SAVINGS ACCOUNTS (§§ 23-37-501 — 23-37-512) › Section 23-37-512 - Legal investments in accounts

(a)
Administrators, executors, guardians, trustees, and other fiduciaries, business corporations, insurance companies and charitable or educational corporations or associations, banks, credit unions, and all other financial institutions, and any person acting as custodian under the Uniform Securities Ownership by Minors Act, §
9-26-301
et seq., are specifically authorized and empowered to invest funds held by them in savings accounts of any association or of any federal association.
(b)
Trustees of any pension, profit, profit-sharing, or retirement trust for employees of any public or private corporation and any person having the care, custody, or control of any funds held for a pension or retirement plan, system, or trust for the employees of this state, or any political subdivision of this state, are specifically authorized and empowered to invest funds held by them in savings accounts of any association or of any federal association to the extent that the savings account does not exceed an amount equal to the sum of all reserve accounts except specific or valuation reserves, undivided profits, surplus, and capital stock, but not including the proceeds of capital notes, debentures, or similar obligations.
(c)
The provisions of this section are supplemental to any and all other laws relating to and declaring what shall be legal investments for the persons, corporations, organizations, and officials referred to in this section.
Acts 1963, No. 227, § 43; 1979, No. 361, § 8; A.S.A. 1947, § 67-1843.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 6 - FOREIGN ASSOCIATIONS (§§ 23-37-601 — 23-37-603) › Section 23-37-601 - Operation in city on state line

A savings and loan association doing business in a state adjoining this state, in a city or incorporated town which borders on a city or incorporated town in this state and which is divided by a state line other than a navigable stream, may conduct its business in this state if it satisfies all the conditions for the conduct of its business in the adjoining state involved, without further qualification under this chapter. However, in the conduct of its business in this state, it shall be subject to the provisions of this chapter.
Acts 1963, No. 227, § 59; A.S.A. 1947, § 67-1859.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 6 - FOREIGN ASSOCIATIONS (§§ 23-37-601 — 23-37-603) › Section 23-37-602 - [Repealed]

Repealed by Act 2021, No. 576,§ 4, eff. 7/28/2021.
Acts 1963, No. 227, § 13; A.S.A. 1947, § 67-1813.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 6 - FOREIGN ASSOCIATIONS (§§ 23-37-601 — 23-37-603) › Section 23-37-603 - [Repealed]

Repealed by Act 2021, No. 576,§ 5, eff. 7/28/2021.
Acts 1963, No. 227, §§ 14, 15; A.S.A. 1947, §§ 67-1814, 67-1815.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 7 - CONVERSION, MERGER, ETC (§§ 23-37-701 — 23-37-706) › Section 23-37-702 - Conversion of federal association into state association

(a)
Upon the approval of the Federal Home Loan Bank Board [abolished], or other applicable federal authority, any federal association may convert itself into an association under this chapter upon a majority vote of the members of the federal association cast at an annual meeting or any special meeting called to consider that action.
(b)
Copies of the minutes of the proceedings of the meeting of members, verified by affidavit of the secretary, shall be filed in the office of the Supervisor of Savings and Loan Associations. The verified copies of the proceedings of the meeting when so filed shall be presumptive evidence of the holding and action of the meeting.
(c)
(1)
At the meeting at which conversion is voted upon, the members shall approve bylaws and adopt articles of incorporation and elect the directors who shall be the directors of the state-chartered association after conversion takes effect, provided that the terms and conditions of a conversion may provide for the directors of the federal association to serve as directors of the converted state-chartered association.
(2)
Copies of the bylaws and articles of incorporation adopted at the meeting, verified by affidavit of the secretary, shall be filed with the office of the supervisor.
(d)
(1)
If the bylaws and articles of incorporation are in conformity with the provisions of this chapter, and if a consent or acquiescence in the conversion by the Federal Home Loan Bank Board [abolished] or other applicable authority is filed with the supervisor, he or she shall endorse his or her approval on the articles of incorporation together with the following statement:
"This association is incorporated by conversion from a federal savings and loan association."
(2)
Upon the supervisor's endorsement of approval, the former federal association shall be an association incorporated under the provisions of this chapter as a direct successor to the federal association.
(e)
All the provisions regarding property and other rights contained in §
23-37-701
shall apply, in reverse order, to the conversion of a federal association into an association incorporated under this chapter so that the state-chartered association shall be a continuation of the corporate entity of the converting federal association and continue to have all of its property and rights.
Acts 1963, No. 227, § 51; 1973, No. 292, § 4; A.S.A. 1947, § 67-1851.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 7 - CONVERSION, MERGER, ETC (§§ 23-37-701 — 23-37-706) › Section 23-37-704 - Contemporaneous conversion from federal mutual to state stock association

(a)
A federal association may file with the Savings and Loan Association Board [abolished] a joint petition for authority to convert from a federal association to a state-chartered association and contemporaneously to convert from a mutual association to a stock association.
(b)
Pursuant to the provisions of §
23-37-703
, the board may hold a hearing on the petition and issue its certificate of preliminary approval to a contemporaneous conversion from a federal association to a state-chartered stock association.
Acts 1963, No. 227, § 52; 1973, No. 292, § 5; A.S.A. 1947, § 67-1852.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 7 - CONVERSION, MERGER, ETC (§§ 23-37-701 — 23-37-706) › Section 23-37-705 - Reorganization, merger, consolidation, or sale of assets

(a)
Pursuant to a plan adopted by the board of directors and approved by the Savings and Loan Association Board [abolished] as being equitable to the members or stockholders of the association and as not impairing the usefulness and success of other properly conducted associations in the vicinity, an association shall have power to reorganize, or to merge or consolidate with, or to sell all or a portion of its assets to another association or a federal association.
(b)
The plan of reorganization, merger or consolidation, or sale shall be approved by a majority vote of the members or stockholders of the affected associations cast at an annual meeting or at any special meeting called to consider such an action.
(c)
In all cases, the corporate continuity of the resulting corporation shall possess the same incidents as that of an association which has converted in accordance with this chapter.
Acts 1963, No. 227, § 53; A.S.A. 1947, § 67-1853.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 8 - REGIONAL SAVINGS AND LOAN ACT OF 1987 (§§ 23-37-801 — 23-37-812) › Section 23-37-801 - Title

This subchapter shall be known and may be cited as the "Regional Savings and Loan Act of 1987".
Acts 1987, No. 45, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 8 - REGIONAL SAVINGS AND LOAN ACT OF 1987 (§§ 23-37-801 — 23-37-812) › Section 23-37-803 - Penalties and remedies

(a)
In the event any association or savings and loan holding company consummates an acquisition that is prohibited by this subchapter, the Savings and Loan Association Board [abolished] shall require the association or savings and loan holding company to divest itself within two (2) years of its direct or indirect ownership or control of all Arkansas associations or Arkansas savings and loan holding companies.
(b)
The board shall have the power to enforce the prohibitions contained in these sections through the imposition of fines and penalties, the issuance of cease and desist orders, and such other remedies as are provided by law.
Acts 1987, No. 45, § 11.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 8 - REGIONAL SAVINGS AND LOAN ACT OF 1987 (§§ 23-37-801 — 23-37-812) › Section 23-37-804 - Acts requiring prior approval of the board

With the prior approval of the Savings and Loan Association Board [abolished] in accordance with §
23-37-807(a)
and upon receipt of approval from all other applicable state and federal regulatory authorities having approval authority over the transaction:
(1)
A company may become an Arkansas savings and loan holding company;
(2)
An Arkansas savings and loan holding company may acquire:
(A)
An Arkansas association or other Arkansas savings and loan holding company;
(B)
A southern region association or a southern region savings and loan holding company; and
(C)
An association or savings and loan holding company having association offices which are located outside of the southern region as authorized under §
23-37-811(a)
;
(3)
A southern region savings and loan holding company may acquire a southern region savings and loan holding company having an Arkansas association subsidiary;
(4)
An Arkansas state association may acquire a southern region association; and
(5)
A southern region association may acquire an Arkansas state association.
Acts 1987, No. 45, § 3.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 8 - REGIONAL SAVINGS AND LOAN ACT OF 1987 (§§ 23-37-801 — 23-37-812) › Section 23-37-805 - Acts requiring prior approval of federal authorities

With the prior approval of the Federal Home Loan Bank Board [abolished] and other applicable federal authorities in accordance with their approval authority over the transaction and without the necessary approval of the board except for the requirements under §
23-37-810
:
(1)
An Arkansas federal association may acquire a southern region association; and
(2)
A southern region association may acquire an Arkansas federal association.
Acts 1987, No. 45, § 4.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 8 - REGIONAL SAVINGS AND LOAN ACT OF 1987 (§§ 23-37-801 — 23-37-812) › Section 23-37-806 - Savings and loan holding company acquisitions not requiring prior approval

(a)
Without any prior approval of the Savings and Loan Association Board [abolished], a southern region savings and loan holding company having an Arkansas association subsidiary may acquire:
(1)
A southern region savings and loan holding company that does not have an Arkansas association subsidiary;
(2)
A southern region association that does not have any branch offices in Arkansas; or
(3)
To the extent authorized in §
23-37-811(a)
, an association or savings and loan holding company having association offices which are located outside the southern region.
(b)
The southern region savings and loan holding company shall notify the board at least thirty (30) days prior to the consummation of the proposed transaction. The notification requirements of this section are satisfied by furnishing the board with a copy of the completed application seeking approval for the proposed transaction which is filed with the federal savings and loan regulatory authority.
Acts 1987, No. 45, § 5.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 8 - REGIONAL SAVINGS AND LOAN ACT OF 1987 (§§ 23-37-801 — 23-37-812) › Section 23-37-807 - Applications to the board for approval

(a)
Whenever an application is filed as required under §
23-37-806
, or if approval of the Savings and Loan Association Board [abolished] pursuant to this section is required under §
23-37-810
, the board shall approve the transaction if it is otherwise approved as required by applicable laws, and if, in addition:
(1)
The laws of the state in which the southern region association or southern region savings and loan holding company, as applicable, filing the application has its principal place of business permit Arkansas associations and Arkansas savings and loan holding companies, as applicable, to acquire associations and savings and loan holding companies in that state;
(2)
Under the laws of the state where it has its principal place of business, the southern region association or southern region savings and loan holding company filing the application could be acquired by the Arkansas association or Arkansas savings and loan holding company, as applicable; and
(3)
Each Arkansas association sought to be acquired directly or indirectly in the proposed transaction has been in existence and continuously operated as an association for a period of five (5) years or more prior to the date the application for approval of the transaction was filed with the board. This requirement does not prohibit a southern region association or southern region savings and loan holding company from acquiring all or substantially all of the ownership of an Arkansas association organized solely for the purpose of facilitating the acquisition of an Arkansas association in existence and continuously operated as an association for the requisite five-year period.
(b)
The board shall rule on any application requiring approval under this section not later than ninety (90) days following the date of acceptance of a completed application seeking approval of the proposed transaction. If the board fails to rule on the application within the requisite ninety-day period, the proposed transaction is approved.
(c)
The applicant is entitled to notice and a hearing contesting the denial by the board of any application.
Acts 1987, No. 45, § 6.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 8 - REGIONAL SAVINGS AND LOAN ACT OF 1987 (§§ 23-37-801 — 23-37-812) › Section 23-37-808 - Permissible nondisqualified acquisitions

A southern region association, a southern region savings and loan holding company, an Arkansas association, or an Arkansas savings and loan holding company may acquire or control, and does not cease to be a southern region association, a southern region savings and loan holding company, an Arkansas association, or Arkansas savings and loan holding company, respectively, by virtue of its acquisition or control of an association or savings and loan holding company other than as expressly permissible under §§
23-37-806
and
23-37-807
if:
(1)
Immediately following the consummation of the acquisition, the Arkansas association, Arkansas savings and loan holding company, southern region association, or southern region savings and loan holding company qualifies as such; and
(2)
The association or savings and loan holding company making the application complies with the approval and notification requirements in §§
23-37-806
and
23-37-807
.
Acts 1987, No. 45, § 7.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 8 - REGIONAL SAVINGS AND LOAN ACT OF 1987 (§§ 23-37-801 — 23-37-812) › Section 23-37-809 - Prohibited acquisitions

(a)
Except as specifically permitted under §
23-37-812
, no Arkansas association, Arkansas savings and loan holding company, southern region association, or southern region savings and loan holding company having an Arkansas association subsidiary may acquire an association or savings and loan holding company which is not either an Arkansas savings and loan holding company or a southern region savings and loan holding company or an association which is not either an Arkansas association or a southern region association.
(b)
Except as expressly permitted by federal law, no association which is not either an Arkansas association or a southern region association and no savings and loan holding company which is not either an Arkansas savings and loan holding company or a southern region savings and loan holding company may acquire an Arkansas association, an Arkansas savings and loan holding company, or a southern region savings and loan holding company controlling an Arkansas association.
Acts 1987, No. 45, § 8.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 8 - REGIONAL SAVINGS AND LOAN ACT OF 1987 (§§ 23-37-801 — 23-37-812) › Section 23-37-810 - Acquirer of an Arkansas association or Arkansas savings and loan holding company subject to Arkansas laws

Any southern region association or southern region savings and loan holding company which directly or indirectly acquires an Arkansas association or an Arkansas savings and loan holding company is subject to all the laws of this state relating to the acquisition, ownership, expansion, and operation of Arkansas associations and Arkansas savings and loan holding companies.
Acts 1987, No. 45, § 9.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 8 - REGIONAL SAVINGS AND LOAN ACT OF 1987 (§§ 23-37-801 — 23-37-812) › Section 23-37-811 - Registration of association - Reports - Rules

(a)
Each Arkansas association, Arkansas savings and loan holding company, southern region association controlling an Arkansas association, and southern region savings and loan holding company controlling an Arkansas association which engages in a transaction which requires approval of the Savings and Loan Association Board [abolished] pursuant to §
23-37-807
shall, within thirty (30) days after approval of the transaction, initially register and file annually with the board forms prescribed by the board. These forms shall include such information with respect to the financial condition and operations, management, and relations between applicable associations and savings and loan holding companies, and related matters, as the board may consider necessary or appropriate to carry out the purposes of these sections.
(b)
To the extent authorized by law, the board may make examinations of each association or savings and loan holding company required to be registered pursuant to subsection (a) of this section and any service corporation of the association, the cost of which must be assessed against and paid by the association.
(c)
The board may enter into cooperative and reciprocal agreements with the association and savings and loan holding company regulatory authorities of any state or of the United States for the periodic examination of associations and savings and loan holding companies that are required to be registered under the provisions of subsection (a) of this section and may accept reports of examinations and other records from the authorities in lieu of conducting its own examinations.
(d)
The board may establish rules to carry out the purposes of this subchapter.
Amended by Act 2019, No. 315,§ 2499, eff. 7/24/2019.
Acts 1987, No. 45, § 10.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 37 - SAVINGS AND LOAN ASSOCIATIONS (§§ 23-37-101 — 23-37-812) › Subchapter 8 - REGIONAL SAVINGS AND LOAN ACT OF 1987 (§§ 23-37-801 — 23-37-812) › Section 23-37-812 - Determination of total deposits

For purposes of this subchapter, the total deposits of savings and loan associations within the region shall be determined by reference to the records of the Federal Home Loan Bank Board [abolished], Washington D.C.
Acts 1987, No. 45, § 13.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-38-101 — 23-38-102) › Section 23-38-101 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 4a, as added by Acts 1931, No. 236, § 1; 1929, No. 128, §§ 5-7; 1931, No. 236, §§ 2, 3; Pope's Dig., §§ 979-982; A.S.A. 1947, §§ 67-801 -- 67-804.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-38-101 — 23-38-102) › Section 23-38-102 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, §§ 28, 29; 1931, No. 236, § 13; Pope's Dig., §§ 1005, 1006; A.S.A. 1947, §§ 67-842, 67-843; Acts 2005, No. 1994, § 150.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 2 - ORGANIZATION AND OPERATION (§§ 23-38-201 — 23-38-220) › Section 23-38-201 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 13; Pope's Dig., § 989; A.S.A. 1947, § 67-816.