§ 15-4-1004 - Application for approval. - Arkansas Statutes

15-4-1004. Application for approval.

(a) Any development finance corporation that desires to establish and operate a capital development company may subscribe, acknowledge, and file in duplicate with the Bank Commissioner an application for approval and proposed articles.

(b) The application for approval shall include a certificate executed by the chief executive officer of the capital development company certifying:

(1) That not less than one hundred thousand dollars ($100,000) of equity interests have been subscribed and fully paid for;

(2) The name and address of the depository or the names and addresses of the depositories, if more than one (1), holding on deposit the funds of the company; and

(3) The names and addresses of the members of the governing board and the officers, managers, and other persons responsible for carrying out the day-to-day operations of the company.

(c) The application for approval shall also be accompanied by any governing documents adopted by the governing board or the subscribers of equity interests of the company.