(a) A state bank shall not pay any fee, compensation, or commission for promotion in connection with its organization or apply any money received on account of shares or subscriptions, selling shares, or other services in connection with its organization or for securing subscriptions for stock, except legal fees and other usual and ordinary expenses necessary for its organization.
(b) A majority of incorporators shall file with the State Bank Department, at the time of filing of the articles, an affidavit:
(1) Setting forth all expenses incurred or to be incurred in connection with the organization of the state bank, subscription for its shares, and sale of its shares; and
(2) Stating that no fee, compensation, or commission prohibited by this section has been paid or incurred.
(c) In the event of a violation of this section, the Bank Commissioner may disapprove the articles on account of the violation.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities
Chapter 48 - Organization and Operation
Subchapter 3 - Organization and Management Generally
§ 23-48-301. Application for incorporation
§ 23-48-302. Organizational expenses
§ 23-48-303. Promoter's fees prohibited
§ 23-48-304. Investigation of new charter applications by Bank Commissioner
§ 23-48-305. Issuance and filing of certificate of incorporation
§ 23-48-306. Relocation of place of business — Amendment of articles
§ 23-48-307. Objects and method of charter amendment
§ 23-48-308. Filing of amendments to articles of incorporation
§ 23-48-309. Names of state banks and subsidiary trust companies
§ 23-48-310. Minimum capital requirements generally
§ 23-48-311. Increase or decrease of capital stock
§ 23-48-312. Liability of shareholders — Assessment of stock
§ 23-48-313. Classes of stock — Fractional shares — Scrip
§ 23-48-314. Preemptive rights of stockholders
§ 23-48-315. Issuance and sale of capital notes and other subordinated indebtedness
§ 23-48-316. Transfer of stock
§ 23-48-317. Change in control
§ 23-48-318. Stockholder meetings — Notice of special meeting
§ 23-48-319. Stockholder meetings — Notice of annual meeting
§ 23-48-320. Stockholder meetings — Quorum — Voting
§ 23-48-321. Closing transfer books — Fixing record date
§ 23-48-322. Board of directors — Standard of conduct
§ 23-48-323. Officers — Selection — Terms — Bonds
§ 23-48-324. Officers — Taking acknowledgments
§ 23-48-326. Application of Arkansas Business Corporation Act
§ 23-48-327. Registered office and registered agent for service of process