§ 23-37-101 - Definitions. - Arkansas Statutes

23-37-101. Definitions.

(a) As used in this chapter, unless the context otherwise requires:

(1) "Association" means a corporation carrying on the business of a savings and loan association or a building and loan association under a charter issued by the State of Arkansas;

(2) "Board" means the Savings and Loan Association Board duly appointed and acting pursuant to the terms of this chapter;

(3) "Broker" means a person, firm, or corporation who acts for or on behalf of any foreign savings and loan association or its agents, in soliciting or receiving applications for or funds for a savings account in any foreign savings and loan association;

(4) "Federal association" means a savings and loan association incorporated pursuant to the Home Owners Loan Act of 1933, whose principal business office is located within the territorial limits of this state;

(5) "Foreign association" means an association chartered under the laws of another state or a federal association organized in another state, but does not mean a federal association organized in this state;

(6) "Mutual association" means an association that does not have issued an outstanding permanent capital stock and whose affairs are managed by a board of directors elected by the members;

(7) "Savings account" means that part of the savings liability of an association which is credited to a member by reason of the investment of funds in the association other than permanent capital stock;

(8) "Stock association" means an association that has issued an outstanding permanent capital stock and whose affairs are managed by a board of directors elected by the holders of the permanent capital stock; and

(9) "Supervisor" means the Supervisor of Savings and Loan Associations acting and appointed pursuant to the terms of this chapter.

(b) The board may by rule define other terms used in this chapter and by the savings and loan industry.