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 1 - GENERAL PROVISIONS (§§ 23-37-101 — 23-37-108) › Section 23-37-101 - Definitions

(a)
As used in this chapter, unless the context otherwise requires:
(1)
"Association" means a corporation carrying on the business of a savings and loan association or a building and loan association under a charter issued by the State of Arkansas;
(2)
"Board" means the Savings and Loan Association Board [abolished] duly appointed and acting pursuant to the terms of this chapter;
(3)
[Repealed.]
(4)
"Federal association" means a savings and loan association incorporated pursuant to the Home Owners' Loan Act of 1933, whose principal business office is located within the territorial limits of this state;
(5)
"Foreign association" means an association chartered under the laws of another state or a federal association organized in another state, but does not mean a federal association organized in this state;
(6)
"Mutual association" means an association that does not have issued an outstanding permanent capital stock and whose affairs are managed by a board of directors elected by the members;
(7)
"Savings account" means that part of the savings liability of an association which is credited to a member by reason of the investment of funds in the association other than permanent capital stock;
(8)
"Stock association" means an association that has issued an outstanding permanent capital stock and whose affairs are managed by a board of directors elected by the holders of the permanent capital stock; and
(9)
"Supervisor" means the Supervisor of Savings and Loan Associations acting and appointed pursuant to the terms of this chapter.
(b)
The board may by rule define other terms used in this chapter and by the savings and loan industry.
Amended by Act 2021, No. 576,§ 2, eff. 7/28/2021.
Acts 1963, No. 227, § 1; 1979, No. 361, § 1; A.S.A. 1947, § 67-1801.
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 1 - GENERAL PROVISIONS (§§ 23-37-101 — 23-37-108) › Section 23-37-102 - Acts 1963, No. 227, controlling

Insofar as the provisions of this act are inconsistent with the provisions of any other law affecting savings and loan associations or building and loan associations, the provisions of this act shall control.
Acts 1963, No. 227, § 62; A.S.A. 1947, § 67-1862.
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 1 - GENERAL PROVISIONS (§§ 23-37-101 — 23-37-108) › Section 23-37-103 - Authority to do business as savings and loan association

(a)
From and after March 13, 1963, it shall be unlawful for any person, firm, company, association, fiduciary, partnership, or corporation, by whatever name called, except banks, to do business as a savings and loan association or a building and loan association within this state or to maintain any office in this state for the purpose of doing such business, except:
(1)
Associations organized under the laws of this state and subject to this chapter; and
(2)
Federal associations chartered to do business in this state.
(b)
Any person, firm, or corporation, by whatever name known, except banks, which accepts funds from the public in the form of savings accounts, deposits, certificates of deposit, or similar evidences of indebtedness, and a substantial part of whose business is the making of loans on the security of real estate, shall be subject to all of the laws of this state governing the operation of a savings and loan or building and loan association.
Acts 1963, No. 227, § 57; A.S.A. 1947, § 67-1857.
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 1 - GENERAL PROVISIONS (§§ 23-37-101 — 23-37-108) › Section 23-37-104 - Preexisting associations

(a)
The name, rights, powers, privileges, and immunities of every corporation incorporated in this state prior to March 13, 1963, and authorized under the laws of this state to carry on the business of a building and loan association or savings and loan association shall be governed, controlled, construed, extended, limited, and determined by the provisions of this act to the same extent and effect as if the corporation had been incorporated pursuant hereto.
(b)
The articles of incorporation or association, certificate of incorporation, or charter, however entitled, bylaws and constitution, or other rules of every such corporation made or existing prior to March 13, 1963, are modified, altered, and amended to conform to the provisions of this act, with or without the issuance or approval by the Supervisor of Savings and Loan Associations of conformed copies of those documents. These documents are declared void to the extent that they are inconsistent with the provisions of this act.
(c)
However, the obligations of any such existing corporation, whether between the corporation and its members, or any of them, or any other person, or any valid contract between the members of the corporation, or between the corporation and any other person, existing at the time this act takes effect, shall not be in any way impaired by the provisions of this act.
(d)
With the exceptions mentioned in subsection (c) of this section, every such corporation shall possess the same rights, powers, privileges, and immunities as if chartered under this act and shall be subject to the duties, liabilities, disabilities, and restrictions conferred and imposed by this act, notwithstanding anything to the contrary in its certificate of incorporation, bylaws, constitution, or rules.
(e)
All obligations to the corporation contracted prior to March 13, 1963, shall be enforceable by it and in its name, and demands, claims, and rights of action against the corporation may be enforced against it as fully and completely as they might have previously been enforced.
(f)
The existing charter of any association formed pursuant to Acts 1929, No. 128, or any other law of this state, is confirmed and shall be deemed to be valid and outstanding to the same extent as if issued pursuant to this act.
Acts 1963, No. 227, § 56; A.S.A. 1947, § 67-1856.
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 1 - GENERAL PROVISIONS (§§ 23-37-101 — 23-37-108) › Section 23-37-105 - Arkansas Business Corporation Act applicable to stock savings and loan associations

Hereafter the Arkansas Business Corporation Act, §
4-26-101
et seq., shall be applicable to permanent stock savings and loan associations created or operating under the provisions of Acts 1963, No. 227, and those savings and loan associations shall enjoy the same powers and privileges and be subject to the same duties, restrictions, and liabilities as other corporations, except so far as the same may be limited or enlarged by the provisions of Acts 1963, No. 227. If any provision of Acts 1963, No. 227, conflicts with the Arkansas Business Corporation Act, §
4-26-101
et seq., the provisions of Acts 1963, No. 227, shall govern.
Acts 1971, No. 110, § 1; A.S.A. 1947, § 67-1864.
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 1 - GENERAL PROVISIONS (§§ 23-37-101 — 23-37-108) › Section 23-37-106 - Federal savings and loan associations

Unless federal laws or regulations provide otherwise, federal associations and the members thereof, incorporated pursuant to the Home Owners' Loan Act of 1933, shall possess all of the rights, powers, privileges, benefits, immunities, and exemptions that are provided for associations under this act. The making of any sections of this act specifically applicable to federal associations shall not be construed as making other sections of the act inapplicable to federal associations.
Acts 1963, No. 227, § 61; A.S.A. 1947, § 67-1861.
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 1 - GENERAL PROVISIONS (§§ 23-37-101 — 23-37-108) › Section 23-37-108 - Associations subject to gross receipts and compensating taxes

All savings and loan associations organized pursuant to the laws of this state and doing business in this state and all federal savings and loan associations doing business in this state shall be subject to the Arkansas Gross Receipts Act of 1941, §
26-52-101
et seq., and the Arkansas Compensating Tax Act of 1949, §
26-53-101
et seq.
Acts 1969, No. 352, § 1; A.S.A. 1947, § 67-1863.
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 2 - SUPERVISION (§§ 23-37-201 — 23-37-214) › Section 23-37-201 - Regulatory agencies generally

All associations subject to this chapter shall be supervised and regulated, and the provisions of this chapter shall be enforced by the Supervisor of Savings and Loan Associations, acting pursuant to the authority delegated by this chapter.
Acts 1963, No. 227, § 47; A.S.A. 1947, § 67-1847; Acts 1997, No. 258, § 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 2 - SUPERVISION (§§ 23-37-201 — 23-37-214) › Section 23-37-202 - Disclosure of information

It shall be unlawful for any member of the Savings and Loan Association Board [abolished], the Supervisor of Savings and Loan Associations, or any employee of the state to divulge any information concerning an association acquired in the discharge of their duties under this chapter, except:
(1)
Information that is contained in any published report issued by any association;
(2)
Information as to the condition of any association requested by the Federal Home Loan Bank Board [abolished], the Federal Savings and Loan Insurance Corporation [abolished], any Federal Home Loan bank, or the savings and loan association departments of any other state; or
(3)
When directed by a court of competent jurisdiction to give information or evidence concerning an association.
Acts 1963, No. 227, § 3; A.S.A. 1947, § 67-1803.
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 2 - SUPERVISION (§§ 23-37-201 — 23-37-214) › Section 23-37-204 - Records of hearings and decisions

The Supervisor of Savings and Loan Associations shall maintain permanent records of all hearings and decisions.
Acts 1963, No. 227, § 8; A.S.A. 1947, § 67-1808; Acts 1997, No. 258, § 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 2 - SUPERVISION (§§ 23-37-201 — 23-37-214) › Section 23-37-206 - Division of Savings and Loan Associations - Supervisor - Staff

(a)
There is created a Division of Savings and Loan Associations of the State Securities Department which shall be administered by the Supervisor of Savings and Loan Associations.
(b)
(1)
(A)
The Securities Commissioner, in consultation with the Secretary of the Department of Commerce and the Bank Commissioner, shall act as Supervisor of Savings and Loan Associations.
(B)
The Securities Commissioner may appoint an assistant securities commissioner responsible for financial institutions to act as the Assistant Supervisor of Savings and Loan Associations and perform all duties delegated by the Securities Commissioner.
(2)
The supervisor, in consultation with the Secretary of the Department of Commerce, shall appoint any other assistants, secretaries, and examiners who may be necessary to assist in the performance of his or her duties under this chapter.
Amended by Act 2023, No. 475,§ 6, eff. 8/1/2023.
Amended by Act 2019, No. 910,§ 572, eff. 7/1/2019.
Acts 1963, No. 227, § 2; 1979, No. 361, § 2; A.S.A. 1947, § 67-1802.
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 2 - SUPERVISION (§§ 23-37-201 — 23-37-214) › Section 23-37-207 - Supervisor's powers and duties generally

(a)
The Supervisor of Savings and Loan Associations shall have general supervision of associations doing business in this state and shall be charged with the execution of the laws of this state relating to those associations.
(b)
In order to fulfill his or her responsibilities, the supervisor shall have the following powers, duties, limitations, and functions:
(1)
He or she shall have all the rights, powers, and privileges heretofore vested in the Savings and Loan Association Board [abolished] and be subject to all duties to which the Savings and Loan Association Board [abolished] was heretofore subject;
(2)
He or she shall, in such coordination with the Federal Home Loan Bank Board [abolished], the Federal Deposit Insurance Corporation, and other federal and state regulatory authorities as he or she deems appropriate, provide for the orderly examination and supervision of associations regulated by this chapter. All federal records, documents, and examinations received by the supervisor are not public unless released by the appropriate federal agency; and
(3)
He or she, or any designated assistant, shall hear all applications for charters for new associations, all protested applications for new branches, those matters concerning a protested move of the home office or a branch office, any conversion application by an association, and all other administrative matters under this chapter. Administrative decisions of the supervisor are subject to appeal as set forth in §
23-37-214
.
(c)
(1)
The supervisor, after public hearing, notice of which has been given to every association in the state, shall have power and authority to issue rules governing the operation of associations in a manner consistent with this chapter and other applicable Arkansas laws. In addition, he or she shall have the power to make and promulgate any forms which are necessary for the administration of this chapter.
(2)
These rules may from time to time be amended, modified, or repealed by the Savings and Loan Association Board [abolished] and shall have uniform application to all associations subject to the provisions of this chapter.
(d)
Any person affected or who may be affected by an action of the supervisor shall be given the opportunity of appearing and presenting evidence before the supervisor.
Amended by Act 2019, No. 315,§ 2494, eff. 7/24/2019.
Acts 1963, No. 227, §§ 2, 12; 1979, No. 361, § 2; A.S.A. 1947, §§ 67-1802, 67-1812; Acts 1997, No. 258, § 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 2 - SUPERVISION (§§ 23-37-201 — 23-37-214) › Section 23-37-208 - Supervisor's investigatory powers

(a)
For the purpose of any investigation, examination, inquiry, or proceeding under this chapter, the Supervisor of Savings and Loan Associations or any officer designated by the supervisor may administer oaths and affirmations, subpoena witnesses or documents, compel their attendance, take evidence, and require the production of any books, papers or correspondence, memoranda, agreements, or other documents which the supervisor deems relevant or material to the inquiry or examination.
(b)
In case of contumacy or refusal to obey a subpoena issued to any person, the Pulaski County Circuit Court, upon application by the supervisor, may issue to the person an order requiring him or her to appear before the supervisor or the officer designated by him or her, there to produce documentary evidence if so ordered or to give evidence concerning the examination, investigation, or inquiry. Failure to obey the order of the court may be punished by the court as a contempt of court.
Amended by Act 2013, No. 1144,§ 3, eff. 8/16/2013.
Acts 1963, No. 227, § 49; 1979, No. 361, § 9; A.S.A. 1947, § 67-1849.
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 2 - SUPERVISION (§§ 23-37-201 — 23-37-214) › Section 23-37-209 - Communications from supervisor - Manner of sending

Every approval or rejection by the Supervisor of Savings and Loan Associations given pursuant to provisions of this chapter and every communication having the effect of an order or instruction to any association shall be sent by certified mail to the affected association, addressed to the president at the home office of the association, and shall be presented to the board of directors of the association at its next regular meeting, or at a special meeting called for that purpose, and noted in the minutes of the meeting.
Acts 1963, No. 227, § 4; A.S.A. 1947, § 67-1804.
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 2 - SUPERVISION (§§ 23-37-201 — 23-37-214) › Section 23-37-210 - Annual audit and examination

(a)
(1)
The affairs of every association subject to this chapter shall be examined and audited periodically by the Supervisor of Savings and Loan Associations.
(2)
However, the audit and examination may be performed jointly by the supervisor and either the Federal Home Loan Bank Board [abolished], a Federal Home Loan bank, or the Federal Savings and Loan Insurance Corporation [abolished]. The supervisor shall accept the examination and audit, in whole or in part, of either the Federal Home Loan Bank Board [abolished], a Federal Home Loan bank, the Federal Savings and Loan Insurance Corporation [abolished], or an independent certified public accountant, provided the examination and audit are made available to the supervisor. Federal records, documents, and examinations received by the supervisor are not public unless released by the appropriate federal agency.
(b)
The report of the examinations, any letters of comment, and the audit shall be filed with the supervisor.
(c)
The supervisor or his or her authorized representative shall have free access to all books and records of an association.
(d)
Whenever in the judgment of the supervisor the condition of an association renders it necessary or expedient to make extra or additional examinations or audits, the supervisor shall cause the additional work to be done, and the association shall pay the cost of it.
(e)
Every report of examination or audit shall be presented by the president of the association to its board of directors at their next regular meeting, or at a special meeting called for that purpose, and noted in the minutes thereof.
Acts 1963, No. 227, § 49; 1979, No. 361, § 9; A.S.A. 1947, § 67-1849.
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 2 - SUPERVISION (§§ 23-37-201 — 23-37-214) › Section 23-37-211 - Accounting practices

Every association shall use those forms and observe those accounting principles and practices which the Supervisor of Savings and Loan Associations, with the approval of the Savings and Loan Association Board [abolished], may require from time to time.
Acts 1963, No. 227, § 48; A.S.A. 1947, § 67-1848.
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 2 - SUPERVISION (§§ 23-37-201 — 23-37-214) › Section 23-37-212 - Cease and desist orders, injunctions, etc

(a)
(1)
If after notice from the Supervisor of Savings and Loan Associations, an association continues to violate a section of this chapter or the rules or is engaging in an unsafe and unsound practice, then the supervisor may issue a cease and desist order to discontinue the practice.
(2)
If ninety (90) days after the cease and desist order has been entered the association continues to violate this chapter or the rules, then the supervisor may impose a civil fine of up to one hundred dollars ($100) per day until the violation or unsafe and unsound practice ceases.
(3)
All fines collected by the supervisor will be transferred to the general revenues of the State of Arkansas.
(b)
(1)
Whenever it appears to the supervisor, upon sufficient grounds or evidence satisfactory to him or her, that any person has engaged or is about to engage in any act or practice constituting a violation of any provision of this chapter or any rule or order hereunder, he or she may summarily order the person to cease and desist from that act or practice. The order shall be effective for not more than twenty (20) days, during which time the supervisor may apply to the Pulaski County Circuit Court to enjoin the act or practice and to enforce compliance with this chapter or any rule or order hereunder.
(2)
However, the supervisor may, without issuing a cease and desist order, apply directly to the Pulaski County Circuit Court for the aforesaid relief.
(3)
Upon a proper showing, a permanent or temporary injunction, restraining order, or writ of mandamus shall be granted and a receiver or conservator may be appointed for the defendant or the defendant's assets.
(4)
The court may not require the supervisor to post bond.
Acts 1963, No. 227, § 49; 1963, No. 227, § 70, as added by Acts 1979, No. 361, § 13; 1979, No. 361, § 9; A.S.A. 1947, §§ 67-1849, 67-1869.
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 2 - SUPERVISION (§§ 23-37-201 — 23-37-214) › Section 23-37-214 - Appeal from decision of board

(a)
Any person affected by any action, decision, or order of the Savings and Loan Association Board [abolished] may, within thirty (30) days after a written copy of the action, decision, or order has been mailed to that person, appeal as a matter of right to the Pulaski County Circuit Court by filing written notice of appeal in that court and by filing a copy of the notice with the Supervisor of Savings and Loan Associations.
(b)
Upon filing of the notice of appeal, the court shall have full jurisdiction, shall determine whether the appeal shall operate as a stay of the order, decision, or action appealed from, and shall have the right at any time thereafter to issue any other temporary or preliminary orders which it may deem proper until final judgment is rendered.
(c)
Within thirty (30) days after the filing of a notice of appeal in his or her office, the supervisor shall make, certify, and deposit in the office of the clerk of the court a full and complete transcript of all proceedings had before the board and of all evidence before the board in the matter and of all files of the supervisor therein.
(d)
As soon as reasonably possible after receipt of the transcript, evidence, and files, the Pulaski County Circuit Court shall review the action of the board appealed from. The appeal shall be upon the basis of the record so presented. In any such review the findings of the board as to the facts, if supported by substantial evidence, shall be conclusive.
(e)
After hearing the appeal, the court may affirm, modify, or reverse the order or action of the board in whole or in part or remand the action to the board for further proceedings in accordance with the court's direction, including the taking of additional evidence.
(f)
Costs shall be awarded as in civil actions.
(g)
An appeal may be taken to the Supreme Court from a judgment of the circuit court, as in other civil cases.
Acts 1963, No. 227, § 11; A.S.A. 1947, § 67-1811.
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 23-37-301 - Application for charter

(a)
Application for a charter for a savings and loan association may be made by ten (10) or more citizens of this state, hereinafter referred to as "incorporators", by tendering to the supervisor, along with the prescribed filing fee, an application consisting of the following:
(1)
Two (2) copies of the articles of incorporation for the proposed association stating:
(A)
The name and the site of the principal office of the association;
(B)
The names and addresses of the incorporators;
(C)
The name and address of the resident agent for service of process on the association;
(D)
The term of the corporate existence, which may be either perpetual or limited to a fixed number of years;
(E)
Whether the association will carry on its business as a mutual association or as a permanent stock association; and
(F)
For a permanent stock association, the number of shares of permanent stock authorized and the par value of each share;
(2)
A statement as to:
(A)
The amount, if any, of permanent stock which has been subscribed and paid for at the time of filing;
(B)
The names and addresses of the subscribers and the amount subscribed by each;
(C)
The names, addresses, and amounts of savings accounts which have been subscribed; and
(D)
The amount of paid-in surplus or expense fund with which the association will commence business;
(3)
Two (2) copies of the bylaws under which the association proposes to operate;
(4)
The names and addresses of the chair of the incorporators, the proposed members of the board of directors, and the proposed officers; and
(5)
Any other information in regard to the proposed association and its operation which may be required by the Supervisor of Savings and Loan Associations.
(b)
The articles of incorporation and all statements of fact tendered to the supervisor in connection with an application for charter shall be subscribed and sworn to under the sanction of an oath, or such affirmation as is by law equivalent to an oath, made before an officer authorized to administer oaths.
Acts 1963, No. 227, § 16; A.S.A. 1947, § 67-1816.
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 23-37-302 - Capitalization requirements generally

The capitalization of a proposed stock or mutual association shall be in accordance with rules established by the Savings and Loan Association Board [abolished]. In establishing its requirements, the board may consider those requirements established by the Federal Savings and Loan Insurance Corporation [abolished], but its requirements may not be greater than those prescribed by that corporation.
Amended by Act 2019, No. 315,§ 2495, eff. 7/24/2019.
Acts 1963, No. 227, § 19; 1979, No. 361, § 6; A.S.A. 1947, § 67-1819.
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 23-37-303 - Permanent capital stock

(a)
The charter of an association may provide for the issuance of permanent capital stock. The permanent capital stock, when issued, may not be retired or withdrawn, except as provided in this section, until all liabilities of the association shall have been satisfied in full, including the withdrawal value of all savings accounts.
(b)
Permanent capital stock must be fully paid in cash in advance of issuance, and the association may not make any loans against the shares of the stock.
(c)
Shares of permanent capital stock may have a par value of not less than one dollar ($1.00) nor more than one hundred dollars ($100) each.
(d)
An association authorized to issue capital stock must have, at all times, issued and outstanding, an amount thereof equal in par value to the minimum capital requirements set out in §
23-37-302
or two and one-half percent (21/2%) of its gross assets, whichever is greater, but no association shall be required to have more than two hundred fifty thousand dollars ($250,000) of par value of the stock outstanding.
(e)
Associations whose savings accounts are insured by the Federal Savings and Loan Insurance Corporation [abolished] may retire a part of any permanent capital stock issued prior to March 13, 1963, when the associations are authorized to do so by majority vote at any annual meeting of their stockholders, or any special meeting of their stockholders called for such a purpose. However, the basis of the retirement shall have been first approved by the Supervisor of Savings and Loan Associations and by the Savings and Loan Association Board [abolished].
Acts 1963, No. 227, § 18; A.S.A. 1947, § 67-1818.
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 23-37-304 - Permanent stock associations - Paid-in surplus requirements

As a prerequisite to the approval of any application for a permanent stock association, the incorporators must show to the satisfaction of the Supervisor of Savings and Loan Associations a paid-in surplus of not less than one-third (1/3) of the aggregate amount of the permanent capital stock required by this chapter. The paid-in surplus may be used in lieu of earnings to pay organization and operating expenses, dividends on savings accounts, and to meet any loss reserve requirements.
Acts 1963, No. 227, § 20; A.S.A. 1947, § 67-1820.
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 23-37-305 - Permanent stock associations - Initial subscriptions to savings accounts

As a prerequisite to approval of any application for a proposed permanent stock association, the incorporators must show, to the satisfaction of the Savings and Loan Association Board [abolished], subscribed savings accounts from individuals in the aggregate number and amount which, in the opinion of the board, will justify the initial successful operation of the association.
Acts 1963, No. 227, § 30; A.S.A. 1947, § 67-1830.
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 23-37-306 - Mutual associations - Expense fund requirement

(a)
In addition to the savings account subscriptions required by this chapter, the incorporators of a mutual association must show to the satisfaction of the Supervisor of Savings and Loan Associations that an expense fund has been subscribed and paid in to the credit of the proposed association equal to not less than one-third (1/3) of the required savings accounts, from which expense fund the expenses of organizing the association and its operating expenses, in addition to such dividends as may be declared and paid or credited to its savings account holders, may be paid until such time as its earnings are sufficient to pay them.
(b)
The amount so contributed to the expense fund shall not constitute a liability of the association except as provided in this section.
(c)
(1)
The contributions may be repaid pro rata to the contributors from the net earnings of the association after provision for required loss reserve and payment of dividends declared on savings accounts.
(2)
In case of a liquidation of an association before contributions to the expense fund have been repaid, any contributions to the expense fund remaining unexpended after payment of all creditors, the expenses of liquidation, and the withdrawal value of all savings accounts shall be paid pro rata to the contributors.
(d)
Contributors to the expense fund shall be paid dividends, and for such purposes their contributions shall be considered as savings accounts of the association.
Acts 1963, No. 227, § 22; A.S.A. 1947, § 67-1822.
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 23-37-307 - Bylaws

In addition to any provisions which may be adopted by the incorporators and approved by the Supervisor of Savings and Loan Associations, the bylaws of every association shall provide:
(1)
For an annual meeting of the membership of the association, or of the owners of permanent capital stock, for the purpose of electing directors;
(2)
For not fewer than five (5) nor more than twenty-one (21) members of the board of directors;
(3)
For not less than ten (10) days' written notice to all members, or holders of permanent capital stock, of any special meeting of the association. Provided, no notice of an annual meeting of an association shall be required;
(4)
For a term of office not to exceed one (1) year for each member of the board of directors; and
(5)
For the amendment of the bylaws, with the approval of the supervisor, by a majority of the members present, or holders of permanent capital stock, at any annual or special meeting of the association.
Acts 1963, No. 227, § 17; 1975, No. 531, § 2; A.S.A. 1947, § 67-1817.
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 23-37-308 - Insurance of accounts

No association chartered under this chapter shall carry on the business of a savings and loan association in this state until it has filed with the Supervisor of Savings and Loan Associations satisfactory evidence that its savings accounts are insured by the Federal Savings and Loan Insurance Corporation [abolished] or other similar agency or corporation of the United States.
Acts 1963, No. 227, § 31; A.S.A. 1947, § 67-1831.
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 23-37-309 - Hearings on charter applications

When a proper application for a charter has been filed, the Supervisor of Savings and Loan Associations shall hold a public hearing on the application, after giving not less than twenty (20) days' written notice of the date and time of hearing to each existing association or federal association in the state. The notice shall be made promptly after the filing of an application. At the hearing, any interested party may appear, present evidence, and be heard for or against the application.
Acts 1963, No. 227, § 23; 1973, No. 292, § 2; A.S.A. 1947, § 67-1823; Acts 1997, No. 258, § 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 3 - ORGANIZATION (§§ 23-37-301 — 23-37-316) › Section 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.
Acts 1963, No. 227, §§ 24, 25; 1973, No. 292, § 3; A.S.A. 1947, §§ 67-1824, 67-1825.
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 23-37-311 - 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.
Acts 1963, No. 227, § 26; 1975, No. 531, § 3; 1977, No. 350, § 1; A.S.A. 1947, § 67-1826.
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 23-37-312 - 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.
Acts 1963, No. 227, § 27; A.S.A. 1947, § 67-1827.
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 23-37-313 - 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.
Acts 1963, No. 227, § 29; 1975, No. 531, § 4; 1979, No. 361, § 7; A.S.A. 1947, § 67-1829.
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 23-37-314 - 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.
Acts 1963, No. 227, § 33; A.S.A. 1947, § 67-1833.