§ 23-38-402 - Publication of false advertisement or report of financial condition. - Arkansas Statutes

23-38-402. Publication of false advertisement or report of financial condition.

Every director, officer, or agent of any building and loan association doing business in this state who knowingly concurs in making, publishing, circulating, or posting, either generally or privately to the stockholders or others, any advertisement, sign, written report, exhibit; statement of its affairs or financial condition, written or verbal; any book or notice containing any material statement that is false; or any untrue or fraudulently exaggerated reports, prospectus, account, statement of operations, values, business, profits, expenditures, or prospectus of any other property or documents intended to produce or give the shares of stock in the association a greater value or a less apparent or market value than they really possess or that misrepresents in any way the powers or liabilities of the association shall be guilty of a violation and upon conviction shall be punished by a fine not exceeding five hundred dollars ($500).