§ 15-4-912 - Final investigation and approval by the board. - Arkansas Statutes

15-4-912. Final investigation and approval by the board.

(a) Immediately upon the filing of the certificate of organization by the applicants, the Bank Commissioner shall submit to the State Banking Board the proposed articles of incorporation and the certificate of organization of the applicants.

(b) As soon as practicable thereafter, the board shall direct the commissioner to issue the applicants a certificate of incorporation in such form as it may prescribe, if the board, from the best source of information at its command, determines that:

(1) Public convenience and necessity continue to require the development finance corporation;

(2) The holders of the fully paid common stock of the development finance corporation are at least one hundred (100) in number;

(3) All of the subscribers of the common stock of the development finance corporation are qualified natural persons and bona fide residents of the State of Arkansas;

(4) Each congressional district in the state is represented by at least ten percent (10%) of the fully paid common stock of the development finance corporation and by at least one (1) member of the board of directors;

(5) Not less than one hundred thousand dollars ($100,000) of common stock has been subscribed and fully paid for;

(6) Not less than nine hundred thousand dollars ($900,000) of preferred stock has been subscribed and fully paid for; and

(7) The bylaws and regulations submitted, if any, are in conformity with the articles of incorporation and the provisions of this subchapter, are not contrary to the laws of this state, and are otherwise satisfactory.

(c) The commissioner shall return to the applicants one (1) of the copies of the articles of incorporation theretofore submitted to him or her by the applicants, upon which copy he or she shall have endorsed the fact of the issuance by him or her of the certificate of incorporation.

(d) If bylaws and regulations are submitted and are found satisfactory by the board, the commissioner shall issue his or her certificate of approval thereof.