STATE STATUTES & CODES
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
ARKANSAS STATUTES AND CODES
§ 23-38-208 - Excessive dividends -- Suspension of payment.
23-38-208. Excessive dividends -- Suspension of payment.
(a) If, after examination, the Securities Commissioner shall find that any building and loan association of this state is paying, crediting, or reserving dividends, or is about to pay, credit, or reserve dividends, or is distributing or about to distribute profits, on its stock or certificates in excess of the dividends or profits earned; or that the condition of the assets of the association does not justify the payment, credit, or reservation of dividends or the distribution of profits upon its stock or certificates; or that dividends or profits are being or are about to be paid, credited, reserved, or distributed so as to result in inequities to the stockholders or certificate holder, or any class or portion thereof; or that the safety of the investments in the association are, or are about to be, jeopardized by the payment, credit, reservation, or distribution of dividends or profits, then the commissioner shall order the association, in writing, to cease to pay, credit, or reserve dividends, or distribute profits, on any class of its shares or certificates except as and to the extent as may be specified in the order, notice of which order shall be given to the officers of the association.
(b) From and after the issuance of the order, it shall be unlawful for the association to pay, credit, or reserve any dividends, or distribute any profits, on any of its shares or certificates contrary to the order. Willful violation of the terms of the order shall have the effect of rendering the officers and directors of the association participating in the violation jointly and severally liable for the amount of the dividends or distributions unlawfully paid, credited, reserved, or distributed.
(c) The order shall remain in full force and effect until the commissioner shall have determined either:
(1) That the assets and earnings of the association are in a condition and of a value and amount which permits the association to resume dividends or distributions to such extent as the commissioner may authorize; or
(2) That the association should go into voluntary liquidation or receivership.
(a) If, after examination, the Securities Commissioner shall find that any building and loan association of this state is paying, crediting, or reserving dividends, or is about to pay, credit, or reserve dividends, or is distributing or about to distribute profits, on its stock or certificates in excess of the dividends or profits earned; or that the condition of the assets of the association does not justify the payment, credit, or reservation of dividends or the distribution of profits upon its stock or certificates; or that dividends or profits are being or are about to be paid, credited, reserved, or distributed so as to result in inequities to the stockholders or certificate holder, or any class or portion thereof; or that the safety of the investments in the association are, or are about to be, jeopardized by the payment, credit, reservation, or distribution of dividends or profits, then the commissioner shall order the association, in writing, to cease to pay, credit, or reserve dividends, or distribute profits, on any class of its shares or certificates except as and to the extent as may be specified in the order, notice of which order shall be given to the officers of the association.
(b) From and after the issuance of the order, it shall be unlawful for the association to pay, credit, or reserve any dividends, or distribute any profits, on any of its shares or certificates contrary to the order. Willful violation of the terms of the order shall have the effect of rendering the officers and directors of the association participating in the violation jointly and severally liable for the amount of the dividends or distributions unlawfully paid, credited, reserved, or distributed.
(c) The order shall remain in full force and effect until the commissioner shall have determined either:
(1) That the assets and earnings of the association are in a condition and of a value and amount which permits the association to resume dividends or distributions to such extent as the commissioner may authorize; or
(2) That the association should go into voluntary liquidation or receivership.
Arkansas Forms by Issue
Arkansas Court Forms
Arkansas Law
Arkansas State Laws
> Arkansas State Parks
Arkansas Tax
Arkansas Agencies
Arkansas Court Map
Tips