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Ark. Code Ann. § 23-48-302

Organizational expenses

Acts 1997, No. 89, § 1.

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

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

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

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.