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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-37-301. Procedure for charter application

Current as of March 28, 2024 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-37-301. Procedure for charter application - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-37-301/

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