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23-48-303. Promoter's fees prohibited.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-48-303. Promoter's fees prohibited.
(a) A state bank shall not pay any fee, compensation, or commission for promotion in connection with its organization or apply any money received on account of shares or subscriptions, selling shares, or other services in connection with its organization or for securing subscriptions for stock, except legal fees and other usual and ordinary expenses necessary for its organization.
(b) A majority of incorporators shall file with the State Bank Department, at the time of filing of the articles, an affidavit:
(1) Setting forth all expenses incurred or to be incurred in connection with the organization of the state bank, subscription for its shares, and sale of its shares; and
(2) Stating that no fee, compensation, or commission prohibited by this section has been paid or incurred.
(c) In the event of a violation of this section, the Bank Commissioner may disapprove the articles on account of the violation.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-48-303
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:23-48-303
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: dc8d818b007867b228c6bb39c0787c95b413344902a51ab757629a8843db1f61
Source location: content.xml paragraph 23421
Stored source content
23-48-303. Promoter's fees prohibited.
(a) A state bank shall not pay any fee, compensation, or commission for promotion in connection with its organization or apply any money received on account of shares or subscriptions, selling shares, or other services in connection with its organization or for securing subscriptions for stock, except legal fees and other usual and ordinary expenses necessary for its organization.
(b) A majority of incorporators shall file with the State Bank Department, at the time of filing of the articles, an affidavit:
(1) Setting forth all expenses incurred or to be incurred in connection with the organization of the state bank, subscription for its shares, and sale of its shares; and
(2) Stating that no fee, compensation, or commission prohibited by this section has been paid or incurred.
(c) In the event of a violation of this section, the Bank Commissioner may disapprove the articles on account of the violation.
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