§ 15-4-911 - Certificate of organization. - Arkansas Statutes

15-4-911. Certificate of organization.

(a) When the applicants shall have completed the organization of the proposed development finance corporation, they shall file with the Bank Commissioner a certificate of organization executed by the president of the development finance corporation, attested by its secretary, and with its seal affixed thereto, certifying:

(1) The names and addresses of all of its subscribers of common stock, the number of shares subscribed, and the number of shares fully paid for by each;

(2) The total number of shares of common stock subscribed but not fully paid for;

(3) The total number of shares of common stock paid in full;

(4) The total number of shares of preferred stock subscribed but not fully paid for;

(5) The total number of shares of preferred stock paid in full;

(6) 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 development finance corporation; and

(7) The names and addresses of the officers, directors, and members of the executive committee, if any, of the development finance corporation.

(b) The certificate of organization of the applicant shall be accompanied by the certificate of the named depository or by the certificates of the named depositories, if more than one (1), certifying the amount of the funds on deposit to the credit of the development finance corporation.

(c) The certificate of organization shall be accompanied also by any bylaws or by any regulations which may have been adopted by the directors of the corporation.