§ 23-38-205 - Directors -- Stock ownership. - Arkansas Statutes

23-38-205. Directors -- Stock ownership.

(a) The bylaws of each building and loan association may prescribe other qualifications for directors, but no person shall be eligible to election as director unless he is a bona fide owner of stock or shares in the association to the amount of:

(1) Two hundred fifty dollars ($250) fully paid and free from all liens if the assets of such association do not exceed one hundred thousand dollars ($100,000); and

(2) Five hundred dollars ($500) if the assets of the association do exceed one hundred thousand dollars ($100,000).

(b) A director shall not have the right to sell or dispose of his stock or to resign or vacate his office as director during the term for which he is elected without the consent and approval of the Securities Commissioner.