§ 23-38-218 - Sale of assets. - Arkansas Statutes

23-38-218. Sale of assets.

(a) At any regular meeting of the shareholders of any building and loan association, or at any special meeting of the shareholders of the association, in either case called to consider the action and held in accordance with the laws governing the association, the shareholders, by affirmative vote of two-thirds (2/3) of the outstanding shares, may authorize the sale of all or a portion of the assets of the association to another building and loan association or to a federal savings and loan association.

(b) The sale shall be on terms and under conditions which may be adopted in the shareholders' meeting. Upon authority given the directors of the association in the meeting, they are authorized to proceed to consummate the sale.