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23-37-804. Acts requiring prior approval of the board.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-37-804. Acts requiring prior approval of the board.
With the prior approval of the Savings and Loan Association Board [abolished] in accordance with § 23-37-807(a) and upon receipt of approval from all other applicable state and federal regulatory authorities having approval authority over the transaction:
(1) A company may become an Arkansas savings and loan holding company;
(2) An Arkansas savings and loan holding company may acquire:
(A) An Arkansas association or other Arkansas savings and loan holding company;
(B) A southern region association or a southern region savings and loan holding company; and
(C) An association or savings and loan holding company having association offices which are located outside of the southern region as authorized under § 23-37-811(a);
(3) A southern region savings and loan holding company may acquire a southern region savings and loan holding company having an Arkansas association subsidiary;
(4) An Arkansas state association may acquire a southern region association; and
(5) A southern region association may acquire an Arkansas state association.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-37-804
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:23-37-804
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 72ae765a28f41dfa9e33b7017543b48d088da0ea7227da45e6e07ce7303f55b4
Source location: content.xml paragraph 18209
Stored source content
23-37-804. Acts requiring prior approval of the board.
With the prior approval of the Savings and Loan Association Board [abolished] in accordance with § 23-37-807(a) and upon receipt of approval from all other applicable state and federal regulatory authorities having approval authority over the transaction:
(1) A company may become an Arkansas savings and loan holding company;
(2) An Arkansas savings and loan holding company may acquire:
(A) An Arkansas association or other Arkansas savings and loan holding company;
(B) A southern region association or a southern region savings and loan holding company; and
(C) An association or savings and loan holding company having association offices which are located outside of the southern region as authorized under § 23-37-811(a);
(3) A southern region savings and loan holding company may acquire a southern region savings and loan holding company having an Arkansas association subsidiary;
(4) An Arkansas state association may acquire a southern region association; and
(5) A southern region association may acquire an Arkansas state association.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-37-807. Applications to the board for approval.
(a) Whenever an application is filed as required under § 23-37-806, or if approval of the Savings and Loan Association Board [abolished] pursuant to this section is required under § 23-37-810, the board shall approve the transaction if it is otherwise approved as required by applicable laws, and if, in addition:
(1) The laws of the state in which the southern region association or southern region savings and loan holding company, as applicable, filing the application has its principal place of business permit Arkansas associations and Arkansas savings and loan holding companies, as applicable, to acquire associations and savings and loan holding companies in that state;
(2) Under the laws of the state where it has its principal place of business, the southern region association or southern region savings and loan holding company filing the application could be acquired by the Arkansas association or Arkansas savings and loan holding company, as applicable; and
(3) Each Arkansas association sought to be acquired directly or indirectly in the proposed transaction has been in existence and continuously operated as an association for a period of five (5) years or more prior to the date the application for approval of the transaction was filed with the board. This requirement does not prohibit a southern region association or southern region savings and loan holding company from acquiring all or substantially all of the ownership of an Arkansas association organized solely for the purpose of facilitating the acquisition of an Arkansas association in existence and continuously operated as an association for the requisite five-year period.
(b) The board shall rule on any application requiring approval under this sect
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-37-807
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 23-37-807. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-37-811. Registration of association — Reports — Rules.
(a) Each Arkansas association, Arkansas savings and loan holding company, southern region association controlling an Arkansas association, and southern region savings and loan holding company controlling an Arkansas association which engages in a transaction which requires approval of the Savings and Loan Association Board [abolished] pursuant to § 23-37-807 shall, within thirty (30) days after approval of the transaction, initially register and file annually with the board forms prescribed by the board. These forms shall include such information with respect to the financial condition and operations, management, and relations between applicable associations and savings and loan holding companies, and related matters, as the board may consider necessary or appropriate to carry out the purposes of these sections.
(b) To the extent authorized by law, the board may make examinations of each association or savings and loan holding company required to be registered pursuant to subsection (a) of this section and any service corporation of the association, the cost of which must be assessed against and paid by the association.
(c) The board may enter into cooperative and reciprocal agreements with the association and savings and loan holding company regulatory authorities of any state or of the United States for the periodic examination of associations and savings and loan holding companies that are required to be registered under the provisions of subsection (a) of this section and may accept reports of examinations and other records from the authorities in lieu of conducting its own examinations.
(d) The board may establish rules to carry out the purposes of this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-37-811
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 23-37-811. This identifies an authority to review, not proof of applicability.