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15-4-1202. Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-1202. Definitions.
As used in this subchapter:
(1) “Bank Commissioner” means the Bank Commissioner of the State of Arkansas;
(2) “Board” means the State Banking Board;
(3) “Company” means a county or regional industrial development corporation or limited liability company authorized to be organized under the provisions of this subchapter;
(4) “Financial institution” means any banking corporation or institution, trust company, savings bank, savings and loan association, insurance company, or related corporation, partnership, foundation, or other institution engaged in lending or investing funds;
(5) “Impaired” means, for the purposes of § 15-4-1228, that the capital of the company has been reduced to fifty thousand dollars ($50,000) or less;
(6) “Loan limit” means, for any member, the maximum amount permitted to be outstanding at any one (1) time on loans made by the member to the company, as determined under § 15-4-1218;
(7) “Member” means any financial institution authorized to do business in the State of Arkansas which may undertake to lend money to a company upon its call and in accordance with the provisions of § 15-4-1218;
(8) “Person” includes all natural persons and legal entities;
(9) “Region” means any compact area composed of no fewer than three (3) nor more than fifteen (15) contiguous counties within the State of Arkansas;
(10) “Securities Commissioner” means the Securities Commissioner of the State of Arkansas; and
(11) “Unit of interest” means a participation in the profits interests of a limited liability company so that the total of all the units of interest in a limited liability company shall equal one hundred percent (100%) of the profits interests in the limited liability company.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-1202
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:15-4-1202
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 2ef52e6704da6c4b5b9e986cd95a23c586d3d3d9333504199c43e450a21b3423
Source location: content.xml paragraph 2711
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15-4-1202. Definitions.
As used in this subchapter:
(1) “Bank Commissioner” means the Bank Commissioner of the State of Arkansas;
(2) “Board” means the State Banking Board;
(3) “Company” means a county or regional industrial development corporation or limited liability company authorized to be organized under the provisions of this subchapter;
(4) “Financial institution” means any banking corporation or institution, trust company, savings bank, savings and loan association, insurance company, or related corporation, partnership, foundation, or other institution engaged in lending or investing funds;
(5) “Impaired” means, for the purposes of § 15-4-1228, that the capital of the company has been reduced to fifty thousand dollars ($50,000) or less;
(6) “Loan limit” means, for any member, the maximum amount permitted to be outstanding at any one (1) time on loans made by the member to the company, as determined under § 15-4-1218;
(7) “Member” means any financial institution authorized to do business in the State of Arkansas which may undertake to lend money to a company upon its call and in accordance with the provisions of § 15-4-1218;
(8) “Person” includes all natural persons and legal entities;
(9) “Region” means any compact area composed of no fewer than three (3) nor more than fifteen (15) contiguous counties within the State of Arkansas;
(10) “Securities Commissioner” means the Securities Commissioner of the State of Arkansas; and
(11) “Unit of interest” means a participation in the profits interests of a limited liability company so that the total of all the units of interest in a limited liability company shall equal one hundred percent (100%) of the profits interests in the limited liability company.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-1218. Member financial institutions — Loan limits.
(a) Any financial institution may request membership in the company by making application to the board of directors or the management committee on such form and in such manner as the board of directors or the management committee may require, and membership shall become effective upon the acceptance of the application by the board of directors or the management committee.
(b) Each member of the company may make loans to the company as and when called upon by it to do so on such terms and other conditions as shall be approved from time to time by the board of directors or the management committee, subject to the following conditions:
(1) All loan limits shall be established at the thousand-dollar amount nearest to the amount computed in accordance with the provisions of this section;
(2) No loan to a company organized under this subchapter shall be made by members pursuant to a call made by the company if immediately thereafter the total amount of the loans will exceed ten (10) times the amount then paid in on the outstanding stock or the units of interest of the company plus ten (10) times the earned surplus of a corporation less reserves or ten (10) times the undistributed earnings of a limited liability company less reserves;
(3) The total amount outstanding on loans to a company made by any member at any one (1) time, when added to the amount of the investment in the capital stock or the units of interest of the company then held by that member, shall not exceed the limitation on loans established by law, rule, or regulation applicable to the member or, in the absence of any limitation, the amount approved by the board of directors or the management committee for that member;
(4)(A) Each call made by
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-1218
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 15-4-1218. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-1228. Investigations by Bank Commissioner or Securities Commissioner — Injunctions.
(a) The Bank Commissioner may investigate, either upon complaint or otherwise, when it appears that a county or regional industrial development company is conducting its business in an unsafe and injurious manner or in violation of this subchapter or the rules promulgated under this subchapter by the Bank Commissioner or when it appears that any person is engaging in the business without being approved under the provisions of this subchapter.
(b) The Securities Commissioner may investigate, either upon complaint or otherwise, when it appears that a county or regional industrial development company is offering its securities in violation of § 15-4-1220 or is otherwise violating the provisions of Arkansas law that come under the jurisdiction of the Securities Commissioner.
(c)(1) Subject to the jurisdictional provisions of subsections (a) and (b) of this section, whenever it appears upon sufficient grounds or evidence satisfactory to the Bank Commissioner or the Securities Commissioner that any county or regional industrial development company has engaged in or is about to engage in any act or practice in violation of this subchapter or any rule or order under this subchapter, or the assets or capital of any county or regional industrial development company is impaired or the county or regional industrial development company's affairs are in an unsafe condition, the Bank Commissioner or the Securities Commissioner may:
(A) Refer the evidence which is available concerning violations of this subchapter or any rule or order under this subchapter to the appropriate agency, which may institute the appropriate corrective action or proceedings with or without the reference; or
(B)(i
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-1228
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 15-4-1228. This identifies an authority to review, not proof of applicability.