§ 23-38-102 - Annual reports. - Arkansas Statutes

23-38-102. Annual reports.

(a) (1) Within sixty (60) days after December 31 each year, every building and loan association operating under the provisions of this act shall file with the Securities Commissioner a statement of its financial condition at the close of its business on December 31 setting forth such details of its financial condition upon such blanks as may be prescribed by the commissioner.

(2) (A) Unless an extension of time is granted in writing by the commissioner, failure to file the statement within the time mentioned shall be a violation punishable by a fine of one hundred dollars ($100) for each day the statement is delinquent.

(B) The fine shall be assessed against the secretary of the association by any court of competent jurisdiction upon complaint of the commissioner.

(b) (1) The commissioner shall annually file with the Governor a report of the name, officers, directors, domicile, and financial statement of each building and loan association.

(2) This report shall be published in book form.