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23-37-303. Permanent capital stock.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-37-303. Permanent capital stock.
(a) The charter of an association may provide for the issuance of permanent capital stock. The permanent capital stock, when issued, may not be retired or withdrawn, except as provided in this section, until all liabilities of the association shall have been satisfied in full, including the withdrawal value of all savings accounts.
(b) Permanent capital stock must be fully paid in cash in advance of issuance, and the association may not make any loans against the shares of the stock.
(c) Shares of permanent capital stock may have a par value of not less than one dollar ($1.00) nor more than one hundred dollars ($100) each.
(d) An association authorized to issue capital stock must have, at all times, issued and outstanding, an amount thereof equal in par value to the minimum capital requirements set out in § 23-37-302 or two and one-half percent (2½%) of its gross assets, whichever is greater, but no association shall be required to have more than two hundred fifty thousand dollars ($250,000) of par value of the stock outstanding.
(e) Associations whose savings accounts are insured by the Federal Savings and Loan Insurance Corporation [abolished] may retire a part of any permanent capital stock issued prior to March 13, 1963, when the associations are authorized to do so by majority vote at any annual meeting of their stockholders, or any special meeting of their stockholders called for such a purpose. However, the basis of the retirement shall have been first approved by the Supervisor of Savings and Loan Associations and by the Savings and Loan Association Board [abolished].
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-37-303
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:23-37-303
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: bd34e9da11fac8c980dd2a65965171fd802cd5f7887c5205d3d9ba288054f1d7
Source location: content.xml paragraph 17492
Stored source content
23-37-303. Permanent capital stock.
(a) The charter of an association may provide for the issuance of permanent capital stock. The permanent capital stock, when issued, may not be retired or withdrawn, except as provided in this section, until all liabilities of the association shall have been satisfied in full, including the withdrawal value of all savings accounts.
(b) Permanent capital stock must be fully paid in cash in advance of issuance, and the association may not make any loans against the shares of the stock.
(c) Shares of permanent capital stock may have a par value of not less than one dollar ($1.00) nor more than one hundred dollars ($100) each.
(d) An association authorized to issue capital stock must have, at all times, issued and outstanding, an amount thereof equal in par value to the minimum capital requirements set out in § 23-37-302 or two and one-half percent (2½%) of its gross assets, whichever is greater, but no association shall be required to have more than two hundred fifty thousand dollars ($250,000) of par value of the stock outstanding.
(e) Associations whose savings accounts are insured by the Federal Savings and Loan Insurance Corporation [abolished] may retire a part of any permanent capital stock issued prior to March 13, 1963, when the associations are authorized to do so by majority vote at any annual meeting of their stockholders, or any special meeting of their stockholders called for such a purpose. However, the basis of the retirement shall have been first approved by the Supervisor of Savings and Loan Associations and by the Savings and Loan Association Board [abolished].
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-37-302. Capitalization requirements generally.
The capitalization of a proposed stock or mutual association shall be in accordance with rules established by the Savings and Loan Association Board [abolished]. In establishing its requirements, the board may consider those requirements established by the Federal Savings and Loan Insurance Corporation [abolished], but its requirements may not be greater than those prescribed by that corporation.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-37-302
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. The source passage cites 23-37-302. This identifies an authority to review, not proof of applicability.