Arkansas Code
Subchapter 12 - County and Regional Industrial Development Company Act
§ 15-4-1209. Final investigation and approval by the board

(a)
(1) Immediately upon the filing of the certificate of organization by the applicants, the Bank Commissioner shall submit to the State Banking Board the proposed articles of incorporation, articles of organization and operating agreement, as appropriate, and the certificate of organization of the applicants.
(2) As soon as practicable thereafter, if the board shall determine from the best sources of information at its command that:
(A) Public convenience and necessity continue to require the company;
(B) The holders of the fully paid common stock of a corporation or units of interest of a limited liability company are at least twenty (20) in number;
(C) Not less than one hundred thousand dollars ($100,000) of common stock or units of interest have been subscribed and fully paid for;
(D) No single stockholder nor related group of stockholders owns more than ten percent (10%) of the voting stock in the case of a corporation or no single member nor related group of members owns more than ten percent (10%) of the units of interest in the case of a limited liability company; and
(E) The bylaws submitted, if any, or the operating agreement is in conformity with the articles of incorporation or articles of organization and the provisions of this subchapter, is not contrary to the laws of the state, and is otherwise satisfactory,

(b)
(1) The commissioner shall also return to the applicants one (1) of the copies of the articles of incorporation or the articles of organization theretofore submitted to the commissioner by the applicants, upon which copy he or she shall have endorsed the fact of the issuance by him or her of the certificate of incorporation or certificate of organization.
(2) If the bylaws, regulations, or the operating agreement are submitted and are found to be satisfactory by the board, the commissioner shall also issue his or her certificate of approval.

the board shall direct the commissioner to issue to the applicants a certificate of incorporation or certificate of organization in such form as it may prescribe.