§ 15-4-909 - Preliminary approval. - Arkansas Statutes

15-4-909. Preliminary approval.

If the Bank Commissioner is satisfied that the applicants are bona fide residents of the state, that each of the congressional districts in the state is represented by at least one (1) applicant, that the applicants have the confidence of their respective communities, that public convenience and necessity require a development finance corporation, and that the proposed articles of incorporation conform to the provisions of 15-4-906, the commissioner shall issue his or her certificate approving the articles of incorporation and authorizing the applicants to proceed with the organization of the development finance corporation.