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15-4-1210. Commencement and continuation of existence.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-1210. Commencement and continuation of existence.
(a) Upon the issuance of the certificate of incorporation or certificate of organization by the Bank Commissioner, the existence of the company shall begin.
(b) The certificate of incorporation or certificate of organization shall be conclusive evidence, except as against the state, that all conditions precedent required to be performed by the applicants have been complied with and that the company has been organized under this subchapter.
(c) A copy of the articles of incorporation or articles of organization so endorsed by the commissioner, as prescribed in § 15-4-1209, shall be filed for recordation in the office of the county clerk in the county in which the principal office of the company is located, and a copy shall be delivered to the Secretary of the Department of Finance and Administration.
(d) The company shall pay to the commissioner in semiannual billings four hundred dollars ($400) per year to establish and continue its existence and good standing under this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-1210
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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Record provenance
Stable record: arkansas_code:legal_authorities:15-4-1210
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: fa80797dad6fee66e321e9ddacc0deffe02b9befd34d36c4ce28c7c9db1afa1b
Source location: content.xml paragraph 2781
Stored source content
15-4-1210. Commencement and continuation of existence.
(a) Upon the issuance of the certificate of incorporation or certificate of organization by the Bank Commissioner, the existence of the company shall begin.
(b) The certificate of incorporation or certificate of organization shall be conclusive evidence, except as against the state, that all conditions precedent required to be performed by the applicants have been complied with and that the company has been organized under this subchapter.
(c) A copy of the articles of incorporation or articles of organization so endorsed by the commissioner, as prescribed in § 15-4-1209, shall be filed for recordation in the office of the county clerk in the county in which the principal office of the company is located, and a copy shall be delivered to the Secretary of the Department of Finance and Administration.
(d) The company shall pay to the commissioner in semiannual billings four hundred dollars ($400) per year to establish and continue its existence and good standing under this subchapter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-1209. Final investigation and approval by the board.
(a)(1) Immediately upon the filing of the certificate of organization by the applicants, the Bank Commissioner shall submit to the State Banking Board the proposed articles of incorporation, articles of organization and operating agreement, as appropriate, and the certificate of organization of the applicants.
(2) As soon as practicable thereafter, if the board shall determine from the best sources of information at its command that:
(A) Public convenience and necessity continue to require the company;
(B) The holders of the fully paid common stock of a corporation or units of interest of a limited liability company are at least twenty (20) in number;
(C) Not less than one hundred thousand dollars ($100,000) of common stock or units of interest have been subscribed and fully paid for;
(D) No single stockholder nor related group of stockholders owns more than ten percent (10%) of the voting stock in the case of a corporation or no single member nor related group of members owns more than ten percent (10%) of the units of interest in the case of a limited liability company; and
(E) The bylaws submitted, if any, or the operating agreement is in conformity with the articles of incorporation or articles of organization and the provisions of this subchapter, is not contrary to the laws of the state, and is otherwise satisfactory,
the board shall direct the commissioner to issue to the applicants a certificate of incorporation or certificate of organization in such form as it may prescribe.
(b)(1) The commissioner shall also return to the applicants one (1) of the copies of the articles of incorporation or the articles of organization theretofore submitted to the commissioner by the applicants, upon whi
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-1209
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 15-4-1209. This identifies an authority to review, not proof of applicability.