(a) In the event any association or savings and loan holding company consummates an acquisition that is prohibited by this subchapter, the Savings and Loan Association Board [abolished] shall require the association or savings and loan holding company to divest itself within two (2) years of its direct or indirect ownership or control of all Arkansas associations or Arkansas savings and loan holding companies.
(b) The board shall have the power to enforce the prohibitions contained in these sections through the imposition of fines and penalties, the issuance of cease and desist orders, and such other remedies as are provided by law.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities
Chapter 37 - Savings And Loan Associations
Subchapter 8 - Regional Savings and Loan Act of 1987
§ 23-37-803. Penalties and remedies
§ 23-37-804. Acts requiring prior approval of the board
§ 23-37-805. Acts requiring prior approval of federal authorities
§ 23-37-806. Savings and loan holding company acquisitions not requiring prior approval
§ 23-37-807. Applications to the board for approval
§ 23-37-808. Permissible nondisqualified acquisitions
§ 23-37-809. Prohibited acquisitions