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23-48-305. Issuance and filing of certificate of incorporation.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-48-305. Issuance and filing of certificate of incorporation.
(a) Upon approval of the State Banking Board and payment of the fees, the Bank Commissioner shall give to the persons named as incorporators a certificate of incorporation, in the form that he or she may prescribe, if the commissioner has made satisfactory determinations as to the matters described in § 23-48-304(d)(1)-(4) and is also satisfied that appropriate federal deposit insurance has been obtained.
(b) The commissioner shall also return one (1) of the copies submitted to him or her of the articles of incorporation upon which he or she has endorsed the fact of the issuance by him or her of the certificate of incorporation.
(c) Upon receipt of the certificate of incorporation, the institution may proceed with its business.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-48-305
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:23-48-305
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b03cf409817983b9c6989ae3408c8e38ffb0aed0cb33137e4c41ff1764cd4538
Source location: content.xml paragraph 23449
Stored source content
23-48-305. Issuance and filing of certificate of incorporation.
(a) Upon approval of the State Banking Board and payment of the fees, the Bank Commissioner shall give to the persons named as incorporators a certificate of incorporation, in the form that he or she may prescribe, if the commissioner has made satisfactory determinations as to the matters described in § 23-48-304(d)(1)-(4) and is also satisfied that appropriate federal deposit insurance has been obtained.
(b) The commissioner shall also return one (1) of the copies submitted to him or her of the articles of incorporation upon which he or she has endorsed the fact of the issuance by him or her of the certificate of incorporation.
(c) Upon receipt of the certificate of incorporation, the institution may proceed with its business.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-48-304. Investigation of new charter applications by Bank Commissioner.
(a) As soon as practicable after acceptance of any application for a new state bank charter and receipt of the filing fee, the Bank Commissioner shall ascertain, from the best sources of information at his or her command, the character and general fitness of the persons named as stockholders of more than five percent (5%) of the issued stock and their standing in the community in which the proposed institution is to be located.
(b) The investigation shall seek to determine the probable support for the new state bank and the adequacy of existing facilities and services in the community.
(c) The investigation shall address:
(1) The proposed institution's earnings and deposits prospects;
(2) The ability and character of its proposed management;
(3) The adequacy of initial capital;
(4) The safety and soundness of intended operations;
(5) The economic conditions in the market to be served;
(6) The convenience and needs of the community to be served; and
(7) Whether or not its proposed corporate powers are consistent with applicable banking law.
(d) The commissioner shall also determine to his or her satisfaction that:
(1) The persons named as stockholders of more than five percent (5%) of the issued stock, incorporators, and directors have the confidence of the community and are able, financially and otherwise, to discharge the obligations resting upon them under any of the provisions of this chapter;
(2) The requisite capital has been fully subscribed and the purchase price therefor has been paid into an escrow account approved by the commissioner and that the requirements of § 23-48-310 have been met;
(3) A majority of the stockholders are residents of this state; and
(4
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-48-304
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 23-48-304. This identifies an authority to review, not proof of applicability.