Browse Arkansas Code titles and sections
15-4-1226. Supervision of companies.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-1226. Supervision of companies.
(a)(1) Each company organized under the provisions of this subchapter shall be subject to the general supervision and control of the Bank Commissioner.
(2) In addition to the other duties imposed upon them by law, the powers of the Bank Commissioner are to:
(A) Make reasonable rules which may be necessary to regulate the safety and soundness of the companies for making this subchapter effective;
(B) Conduct investigations which may be necessary to determine whether any person has engaged in or is about to engage in any act or practice constituting a violation of any provision of this subchapter or of the laws of this state;
(C) Conduct any examinations, investigations, and hearings which may be necessary and proper for the efficient administration of the county and regional industrial development company laws of this state and to charge the company for the expense of such examination, investigation, or hearing at the rate of two hundred twenty-five dollars ($225) per examiner per day or partial day; and
(D)(i) Within the Bank Commissioner's discretion, classify as confidential certain records and information obtained by the State Bank Department when such matters are obtained from an investigation or examination by the department's staff.
(ii) However, applications shall be public documents.
(b) With respect to § 15-4-1220, each company organized under the provisions of this subchapter shall be subject to the specific regulation and control of the Securities Commissioner, who shall have the authority to:
(1) Make reasonable rules which may be necessary for making § 15-4-1220 effective;
(2) Conduct investigations and hearings which may be necessary to determine whether any person has engaged in or is about to engag
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-1226
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.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:15-4-1226
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c7c38b724c120aa5bb26b8a9c72cfaf59aae9476c449e2b83b26869235e5f872
Source location: content.xml paragraph 2978
Stored source content
15-4-1226. Supervision of companies.
(a)(1) Each company organized under the provisions of this subchapter shall be subject to the general supervision and control of the Bank Commissioner.
(2) In addition to the other duties imposed upon them by law, the powers of the Bank Commissioner are to:
(A) Make reasonable rules which may be necessary to regulate the safety and soundness of the companies for making this subchapter effective;
(B) Conduct investigations which may be necessary to determine whether any person has engaged in or is about to engage in any act or practice constituting a violation of any provision of this subchapter or of the laws of this state;
(C) Conduct any examinations, investigations, and hearings which may be necessary and proper for the efficient administration of the county and regional industrial development company laws of this state and to charge the company for the expense of such examination, investigation, or hearing at the rate of two hundred twenty-five dollars ($225) per examiner per day or partial day; and
(D)(i) Within the Bank Commissioner's discretion, classify as confidential certain records and information obtained by the State Bank Department when such matters are obtained from an investigation or examination by the department's staff.
(ii) However, applications shall be public documents.
(b) With respect to § 15-4-1220, each company organized under the provisions of this subchapter shall be subject to the specific regulation and control of the Securities Commissioner, who shall have the authority to:
(1) Make reasonable rules which may be necessary for making § 15-4-1220 effective;
(2) Conduct investigations and hearings which may be necessary to determine whether any person has engaged in or is about to engage in any act or practice constituting a violation of § 15-4-1220 and to charge the company for the expense of such an investigation or hearing at the rate of two hundred twenty-five dollars ($225) per investigator per day or partial day;
(3) Conduct any examinations, investigations, and hearings which may be necessary and proper for the efficient administration and application of § 15-4-1220 to county and regional industrial development companies; and
(4) Within the Securities Commissioner's discretion, classify as confidential certain records and information obtained by the Securities Commissioner when such matters are obtained from an investigation or examination by the department's staff.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-1220. Exemption for securities.
(a)(1) The stock, units of interest, notes, debentures, bonds, and all other securities or obligations issued by any company organized and existing under the provisions of this subchapter shall be exempt from the provisions of the Arkansas Securities Act, § 23-42-101 et seq.
(2) However, any company organized and existing under the provisions of this subchapter shall not be exempt from the following:
(A) The antifraud provisions of the Arkansas Securities Act, § 23-42-101 et seq., under § 23-42-507;
(B) The criminal provisions for violation of the provisions found in § 23-42-104(a); and
(C) The civil remedies available for violation of the provisions found in § 23-42-106.
(b)(1) Notwithstanding the provisions of subsection (a) of this section, no company may offer its stock, units of interest, notes, debentures, bonds, or other securities or obligations without filing a notice with the Securities Commissioner before the first offer of the securities to be sold.
(2)(A) The filing shall state the terms of the offer and how the company intends to comply with the antifraud provisions of the Arkansas Securities Act, § 23-42-101 et seq., and shall be accompanied by copies of any sales materials the company will use in the offer of the securities.
(B) The filing shall be effective upon deposit with the commissioner.
(C) This filing requirement shall be applicable to the initial capitalization of the company and any subsequent offer of stock, units of interest, notes, debentures, bonds, or other securities or obligations or series thereof.
(c) Failure of a company to make the filing required by subsection (b) of this section shall be a basis for imposition of all remedies available to the commissioner for the offer and sa
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-1220
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 15-4-1220. This identifies an authority to review, not proof of applicability.