Arkansas Code
Subchapter 3 - Organization and Management Generally
§ 23-48-301. Application for incorporation

(a) Any one (1) or more natural persons, eighteen (18) years of age or older, a majority of whom shall be bona fide residents of this state, who may desire to associate themselves by articles of incorporation for the purpose of establishing any state bank, may apply to the Bank Commissioner to be incorporated.
(b)
(1) An application for authority to organize a state bank shall be submitted to the commissioner in the form that the commissioner may prescribe and shall include the following information:
(A) The name, citizenship, residence, and occupation of each incorporator, and of each of the initial directors, and the name and address of each stock subscriber, and the amount of stock paid for by each;
(B) The name and address of an individual within the state to whom notice to all incorporators may be sent;
(C) The total initial capital and the number of shares of each class of the capital stock to be authorized;
(D) The corporate name;
(E) The proposed location of the main banking office;
(F) If known, the name and residence of the proposed president or chief executive officer, operations officer, and, if applicable, the name and address of the proposed trust officer;
(G) The names of the natural persons who propose to own or control more than five percent (5%) of the capital stock;
(H) The past and present connection with any depository institution, financial institution, or national trust company, other than as a customer on terms generally available to the public, of each proposed director and each subscriber to more than five percent (5%) of the capital stock;
(I) Evidence of the character, financial responsibility, and ability of the incorporators and proposed directors;
(J) A brief statement of the purposes for which the state bank is incorporated, and whether it shall operate a trust department;
(K) The term for which the state bank is to exist, which shall be perpetual unless otherwise limited;
(L) A statement signed and verified by the incorporators that the capital stock has been fully subscribed and the purchase price therefor has been paid into an escrow account approved by the commissioner and that the requirements of § 23-48-310 have been met;
(M) Proof that application for federal deposit insurance has been made;
(N) Recitation of the need for and advisability of the approval to organize;
(O) Any information required under subdivision (b)(2) of this section not otherwise listed in this subdivision (b)(1); and
(P) Any additional information that the commissioner may require.

(2) The proposed articles of incorporation shall contain the following information:
(A) The name of the proposed institution;
(B) The town or city in which the proposed institution is to be located;
(C) The amount of capital stock authorized, the number of shares of each class, the relative preferences, powers, and rights of each class, and the amount of paid-in surplus;
(D) The names and places of residence of the stockholders and the number of shares held by each;
(E) A statement whether voting for directors shall or shall not be cumulative and the extent, if any, of the preemptive rights of stockholders;
(F) The term of the proposed institution's existence, which shall be perpetual unless otherwise limited;
(G) The names of the initial board of directors composed of no fewer than three (3) natural persons who shall serve until the next annual meeting or until their successors are regularly elected and qualified;
(H) Other information that the State Bank Department may require; and
(I) Other proper provisions that the incorporators may choose to insert for the regulation of the internal affairs and business of the state bank.

(3)
(A) Five (5) copies of the proposed articles of incorporation and proposed bylaws shall be filed with the application under subdivision (b)(1) of this section.
(B) The application and articles of incorporation shall be signed by each of the incorporators and shall be accompanied by a nonrefundable filing fee of not more than fifteen thousand dollars ($15,000) as set by department rules.

(c) All persons purporting to act as or on behalf of a state bank knowing there was no incorporation under this chapter are jointly and severally liable for all liabilities created while so acting.