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23-37-704. Contemporaneous conversion from federal mutual to state stock association.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-37-704. Contemporaneous conversion from federal mutual to state stock association.
(a) A federal association may file with the Savings and Loan Association Board [abolished] a joint petition for authority to convert from a federal association to a state-chartered association and contemporaneously to convert from a mutual association to a stock association.
(b) Pursuant to the provisions of § 23-37-703, the board may hold a hearing on the petition and issue its certificate of preliminary approval to a contemporaneous conversion from a federal association to a state-chartered stock association.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-37-704
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:23-37-704
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e8e4e783e814724f6aa4fb5d0fa6f96e5240e6ae3bb74285c99f66d6662d2f72
Source location: content.xml paragraph 18093
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23-37-704. Contemporaneous conversion from federal mutual to state stock association.
(a) A federal association may file with the Savings and Loan Association Board [abolished] a joint petition for authority to convert from a federal association to a state-chartered association and contemporaneously to convert from a mutual association to a stock association.
(b) Pursuant to the provisions of § 23-37-703, the board may hold a hearing on the petition and issue its certificate of preliminary approval to a contemporaneous conversion from a federal association to a state-chartered stock association.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-37-703. Conversion of mutual association into stock association.
(a) With the approval of the Savings and Loan Association Board [abolished], any mutual association may convert into a stock association under this chapter upon a majority vote of the members of the mutual association at an annual or any special meeting called to consider that action.
(b) Prior to the meeting of the members to consider conversion from a mutual association to a stock association, the board of directors of the mutual association shall file with the Supervisor of Savings and Loan Associations a petition for authority to convert, which shall set forth:
(1) The proposed bylaws and articles of incorporation of the stock association;
(2) The details of the plan for conversion;
(3) The form of the notice that will be given to members of the mutual association of the meeting to consider conversion and the time and manner in which the notice will be given;
(4) The preemptive rights to subscribe to permanent capital stock in the stock association that will be granted to members;
(5) The manner in which permanent capital stock in the stock association will be sold and distributed;
(6) The manner of computing the interest of each member in the general and special reserves of the mutual association; and
(7) Any other information applicable to the conversion which the supervisor may by rule prescribe.
(c) Upon the filing of a petition for authority to convert from a mutual association to a stock association, the board shall hold a hearing on the petition and shall issue its certificate of preliminary approval, if the board finds:
(1) The plan for conversion proposed in the petition is fair and equitable to the members of the mutual association;
(2) The notice to the members of
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-37-703
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 23-37-703. This identifies an authority to review, not proof of applicability.