§ 23-48-302 - Organizational expenses. - Arkansas Statutes

23-48-302. Organizational expenses.

(a) Organizational expenses shall not be paid from capital or surplus funds of the state bank without the prior written consent of the Bank Commissioner.

(b) (1) Prior to applying for a charter, the incorporators shall establish an organizational expense fund in an amount the commissioner deems adequate.

(2) Such fund shall be used for expenses incurred by the incorporators in connection with the organization of the proposed state bank.