In addition to any provisions which may be adopted by the incorporators and approved by the Supervisor of Savings and Loan Associations, the bylaws of every association shall provide:
(1) For an annual meeting of the membership of the association, or of the owners of permanent capital stock, for the purpose of electing directors;
(2) For not fewer than five (5) nor more than twenty-one (21) members of the board of directors;
(3) For not less than ten (10) days' written notice to all members, or holders of permanent capital stock, of any special meeting of the association. Provided, no notice of an annual meeting of an association shall be required;
(4) For a term of office not to exceed one (1) year for each member of the board of directors; and
(5) For the amendment of the bylaws, with the approval of the supervisor, by a majority of the members present, or holders of permanent capital stock, at any annual or special meeting of the association.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities
Chapter 37 - Savings And Loan Associations
§ 23-37-301. Application for charter
§ 23-37-302. Capitalization requirements generally
§ 23-37-303. Permanent capital stock
§ 23-37-304. Permanent stock associations — Paid-in surplus requirements
§ 23-37-305. Permanent stock associations — Initial subscriptions to savings accounts
§ 23-37-306. Mutual associations — Expense fund requirement
§ 23-37-308. Insurance of accounts
§ 23-37-309. Hearings on charter applications
§ 23-37-310. Approval or denial of application for charter
§ 23-37-311. Failure to commence business — Cancellation of charter
§ 23-37-312. Amendment of charter and bylaws
§ 23-37-313. Changes in name, location, etc
§ 23-37-314. Indemnity bonds of directors, officers, and employees