Browse Arkansas Code titles and sections
23-47-605. Community development corporations.
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. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-47-605
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 492db56f61e12c663c65d222c3ded9632edf28289ae682872c6590f8f0d2ce36
Source location: content.xml paragraph 22971
Stored source content
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.
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