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23-32-302. Purpose.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-32-302. Purpose.
The purpose of this subchapter is to exempt state and federal savings and loan associations from being required to furnish security in the form of cash, bond, or otherwise, ensuring proper performance of their duties and obligations in the business transactions set forth in § 23-32-304. This purpose is based on the premise that savings and loan associations are so thoroughly governed by state and federal law, rule, and regulation that there is an insignificant risk of such an institution’s being unable to adequately compensate an injured or damaged party.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-32-302
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:23-32-302
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: de5caa654a8b1c98ae49655d0b0fda9b55aee9448e5c694b5f77b532f9d822e4
Source location: content.xml paragraph 16033
Stored source content
23-32-302. Purpose.
The purpose of this subchapter is to exempt state and federal savings and loan associations from being required to furnish security in the form of cash, bond, or otherwise, ensuring proper performance of their duties and obligations in the business transactions set forth in § 23-32-304. This purpose is based on the premise that savings and loan associations are so thoroughly governed by state and federal law, rule, and regulation that there is an insignificant risk of such an institution’s being unable to adequately compensate an injured or damaged party.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-32-304. Construction.
Nothing in this subchapter shall be construed to:
(1) Prevent a state or federal savings and loan association from electing or agreeing to furnish bond at its own cost;
(2) Prevent any other party of interest, desiring protection in a business transaction with a state or federal savings and loan association, from electing to secure and pay for a bond covering the state or federal savings and loan association to the benefit of such a party to the transaction; and
(3) Amend or repeal any law pertaining to:
(A) Corporate surety or indemnity bonds covering directors, officers, or employees of a state or federal savings and loan association;
(B) Foreign corporations, associations, or institutions not authorized to do business in this state;
(C) Actions available against state or federal savings and loan associations for injury or damage; and
(D) Bonding requirements involving fiduciary activities of a guardian, executor, administrator, personal representative, trustee, agent, or other fiduciary under the Probate Code or under any other laws covering fiduciary activities.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-32-304
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 23-32-304. This identifies an authority to review, not proof of applicability.