23-37-304. Permanent stock associations — Paid-in surplus requirements.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-37-304. Permanent stock associations — Paid-in surplus requirements.

23-37-304. Permanent stock associations — Paid-in surplus requirements. As a prerequisite to the approval of any application for a permanent stock association, the incorporators must show to the satisfaction of the Supervisor of Savings and Loan Associations a paid-in surplus of not less than one-third (1/3) of the aggregate amount of the permanent capital stock required by this chapter. The paid-in surplus may be used in lieu of earnings to pay organization and operating expenses, dividends on savings accounts, and to meet any loss reserve requirements.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-37-304

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. A text match is a research starting point; applicability is not established.