Browse Arkansas Code titles and sections
23-47-602. Real estate subsidiaries.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-47-602. Real estate subsidiaries.
(a) A state bank acting through an operating subsidiary or a bank holding company acting, directly or through a subsidiary, may, with the prior approval of the Bank Commissioner, engage in real estate investment and development, including without limitation:
(1) Development of subdivisions or additions;
(2) Construction of improvements;
(3) Acquisition of stock or equity interests in any entity created primarily for the purpose of owning and developing real estate, including those activities authorized for community development corporations pursuant to § 23-47-605; and
(4) Any other activities necessary and proper in connection with real estate investment and development.
(b) A state bank's investment in real estate and in real estate subsidiaries, excluding its bank premises, shall not exceed one hundred fifty percent (150%) of its capital base.
(c) A state bank acting through an operating subsidiary or a bank holding company acting directly or through a subsidiary may carry out any one (1) or more of the purposes, activities, and objectives set forth in this section as principal, factor, agent, or otherwise, either alone, through, or in conjunction with any person, including the performance and carrying out of the purposes and objects herein enumerated as a member of a partnership or joint venture.
(d) Loans to an operating subsidiary engaged in real estate investment and development that are fully secured by securities that the state bank could invest in without limitation pursuant to § 23-47-401 shall not be subject to the limitations of this section.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-47-602
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:23-47-602
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: a73136cc9afda6811f871e7fd80d6d40cd9013b43e31ffc3335bb9c0f4c80c41
Source location: content.xml paragraph 22945
Stored source content
23-47-602. Real estate subsidiaries.
(a) A state bank acting through an operating subsidiary or a bank holding company acting, directly or through a subsidiary, may, with the prior approval of the Bank Commissioner, engage in real estate investment and development, including without limitation:
(1) Development of subdivisions or additions;
(2) Construction of improvements;
(3) Acquisition of stock or equity interests in any entity created primarily for the purpose of owning and developing real estate, including those activities authorized for community development corporations pursuant to § 23-47-605; and
(4) Any other activities necessary and proper in connection with real estate investment and development.
(b) A state bank's investment in real estate and in real estate subsidiaries, excluding its bank premises, shall not exceed one hundred fifty percent (150%) of its capital base.
(c) A state bank acting through an operating subsidiary or a bank holding company acting directly or through a subsidiary may carry out any one (1) or more of the purposes, activities, and objectives set forth in this section as principal, factor, agent, or otherwise, either alone, through, or in conjunction with any person, including the performance and carrying out of the purposes and objects herein enumerated as a member of a partnership or joint venture.
(d) Loans to an operating subsidiary engaged in real estate investment and development that are fully secured by securities that the state bank could invest in without limitation pursuant to § 23-47-401 shall not be subject to the limitations of this section.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-47-401. Investment powers and limitations.
(a) A state bank may invest its funds without limitation in the following:
(1) Direct obligations of the United States Government;
(2) Obligations of agencies and instrumentalities created by act of Congress and authorized thereby to issue securities or evidences of indebtedness, regardless of guarantee of repayment by the United States Government;
(3) Obligations the principal and interest of which are fully guaranteed by the United States Government or an agency or an instrumentality created by an act of Congress and authorized thereby to issue such a guarantee;
(4) Obligations the principal and interest of which are fully secured, insured, or covered by commitments or agreements to purchase by the United States Government or an agency or instrumentality created by an act of Congress and authorized thereby to issue such commitments or agreements;
(5) General obligations of the states of the United States and of the political subdivisions, municipalities, commonwealths, territories, or insular possessions thereof;
(6) Obligations issued by the State Board of Education under authority of the Arkansas Constitution or applicable statutes;
(7) Warrants of political subdivisions of the State of Arkansas and municipalities thereof having maturities not exceeding one (1) year;
(8) Prerefunded municipal bonds, the principal and interest of which are fully secured by the principal and interest of a direct obligation of the United States Government;
(9) The sale of federal funds with a maturity of not more than one (1) business day;
(10) Demand, savings, or time deposits or accounts of any depository institution chartered by the United States, any state of the United States, or the District of Columbia, provided
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-47-401
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 23-47-401. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-47-605. Community development corporations.
(a) As used in this section, the term “public welfare” means developing housing, fostering economic growth and revitalization, creating small businesses, including minority-owned businesses, and supporting other community development initiatives approved by the Bank Commissioner.
(b) A state bank may make investments designed primarily to promote the public welfare, either directly or by purchasing interests in an entity primarily engaged in making the investments.
(c) A state bank shall not make any investment if the investment would expose the bank to unlimited liability.
(d) The commissioner may limit a state bank's investments in any one (1) project and a bank's aggregate investments under this section.
(e) In no case shall a state bank's aggregate investments under this section exceed ten percent (10%) of the bank's capital base.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-47-605
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 23-47-605. This identifies an authority to review, not proof of applicability.