Title 23 — Public Utilities and Regulated Industries
95 chapters · 4,024 sections in this title.
Ark. Code Ann. § 23-37-507 Damages for refusal to pay withdrawal request
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In the event an association wrongfully and without legal right refuses to pay a withdrawal request for a savings account, the owner of the savings account shall be entitled to recover damages from the association equal to interest at the legal rate prescribed by the laws of this …
Ark. Code Ann. § 23-37-508 Power of attorney
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An association or a federal association may recognize, or continue to recognize, the authority of an attorney in fact authorized in writing to manage or to make withdrawals, either in whole or in part, from a savings account until it receives written notice of the revocation of t…
Ark. Code Ann. § 23-37-509 Lien on account of borrower — Pledge of third party's account as security on loan
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(a) Every association operating under this chapter or any federal association shall have a lien, without further agreement or pledge, upon all savings accounts owned by any borrower, or savings accounts subject to withdrawal by any borrower, to secure the payment of any indebtedn…
Ark. Code Ann. § 23-37-510 Validity of release or acquittance by officers of corporation or association
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A release or acquittance signed by either the president or the secretary of any corporation or any unincorporated association, whether foreign, domestic, charitable, public, or private, or signed by any person purporting to be the president or secretary of the corporation, who op…
Ark. Code Ann. § 23-37-511 [Repealed.]
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A.C.A. § 23-37-511Current through all legislation of the 2025 Regular Session.Arkansas Code of 1987 Annotated Official EditionCopyright © 2026 by the State of Arkansas All rights reserved
Ark. Code Ann. § 23-37-512 Legal investments in accounts
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(a) Administrators, executors, guardians, trustees, and other fiduciaries, business corporations, insurance companies and charitable or educational corporations or associations, banks, credit unions, and all other financial institutions, and any person acting as custodian under t…
Ark. Code Ann. § 23-37-601 Operation in city on state line
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A savings and loan association doing business in a state adjoining this state, in a city or incorporated town which borders on a city or incorporated town in this state and which is divided by a state line other than a navigable stream, may conduct its business in this state if i…
Ark. Code Ann. § 23-37-701 Conversion of state association into federal association
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(a) Any association subject to this chapter may convert itself into a federal savings and loan association in accordance with the provisions of Section 5 of the Home Owners' Loan Act of 1933, upon a majority vote of the members or stockholders at an annual meeting or any special …
Ark. Code Ann. § 23-37-702 Conversion of federal association into state association
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(a) Upon the approval of the Federal Home Loan Bank Board [abolished], or other applicable federal authority, any federal association may convert itself into an association under this chapter upon a majority vote of the members of the federal association cast at an annual meeting…
Ark. Code Ann. § 23-37-703 Conversion of mutual association into stock association
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(a) With the approval of the Savings and Loan Association Board [abolished], any mutual association may convert into a stock association under this chapter upon a majority vote of the members of the mutual association at an annual or any special meeting called to consider that ac…
Ark. Code Ann. § 23-37-704 Contemporaneous conversion from federal mutual to state stock association
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(a) A federal association may file with the Savings and Loan Association Board [abolished] a joint petition for authority to convert from a federal association to a state-chartered association and contemporaneously to convert from a mutual association to a stock association. (b) …
Ark. Code Ann. § 23-37-705 Reorganization, merger, consolidation, or sale of assets
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(a) Pursuant to a plan adopted by the board of directors and approved by the Savings and Loan Association Board [abolished] as being equitable to the members or stockholders of the association and as not impairing the usefulness and success of other properly conducted association…
Ark. Code Ann. § 23-37-706 Federal Savings and Loan Insurance Corporation [abolished] as receiver
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(a) The Federal Savings and Loan Insurance Corporation [abolished] is authorized and empowered to act, without bond, as receiver or liquidator of any building and loan or savings and loan association, hereinafter referred to as an “insured association”, which has the insurance pr…
Ark. Code Ann. § 23-37-801 Title
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This subchapter shall be known and may be cited as the “Regional Savings and Loan Act of 1987”.
Ark. Code Ann. § 23-37-802 Definitions
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(1) As used in this subchapter, unless the context otherwise requires:(1) “Acquire”, as applied to an association or a savings and loan holding company, means any of the following actions or transactions:(A) The merger or consolidation of an association with another association o…
Ark. Code Ann. § 23-37-803 Penalties and remedies
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(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 …
Ark. Code Ann. § 23-37-804 Acts requiring prior approval of the board
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(1) With the prior approval of the Savings and Loan Association Board [abolished] in accordance with § 23-37-807(a) and upon receipt of approval from all other applicable state and federal regulatory authorities having approval authority over the transaction:(1) A company may bec…
Ark. Code Ann. § 23-37-805 Acts requiring prior approval of federal authorities
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(1) With the prior approval of the Federal Home Loan Bank Board [abolished] and other applicable federal authorities in accordance with their approval authority over the transaction and without the necessary approval of the board except for the requirements under § 23-37-810:(1) …
Ark. Code Ann. § 23-37-806 Savings and loan holding company acquisitions not requiring prior approval
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(a) Without any prior approval of the Savings and Loan Association Board [abolished], a southern region savings and loan holding company having an Arkansas association subsidiary may acquire:(1) A southern region savings and loan holding company that does not have an Arkansas ass…
Ark. Code Ann. § 23-37-807 Applications to the board for approval
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(a) Whenever an application is filed as required under § 23-37-806, or if approval of the Savings and Loan Association Board [abolished] pursuant to this section is required under § 23-37-810, the board shall approve the transaction if it is otherwise approved as required by appl…
Ark. Code Ann. § 23-37-808 Permissible nondisqualified acquisitions
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(1) A southern region association, a southern region savings and loan holding company, an Arkansas association, or an Arkansas savings and loan holding company may acquire or control, and does not cease to be a southern region association, a southern region savings and loan holdi…
Ark. Code Ann. § 23-37-809 Prohibited acquisitions
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(a) Except as specifically permitted under § 23-37-812, no Arkansas association, Arkansas savings and loan holding company, southern region association, or southern region savings and loan holding company having an Arkansas association subsidiary may acquire an association or sav…
Ark. Code Ann. § 23-37-810 Acquirer of an Arkansas association or Arkansas savings and loan holding company subject to Arkansas laws
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Any southern region association or southern region savings and loan holding company which directly or indirectly acquires an Arkansas association or an Arkansas savings and loan holding company is subject to all the laws of this state relating to the acquisition, ownership, expan…
Ark. Code Ann. § 23-37-811 Registration of association — Reports — Rules
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(a) Each Arkansas association, Arkansas savings and loan holding company, southern region association controlling an Arkansas association, and southern region savings and loan holding company controlling an Arkansas association which engages in a transaction which requires approv…
Ark. Code Ann. § 23-37-812 Determination of total deposits
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For purposes of this subchapter, the total deposits of savings and loan associations within the region shall be determined by reference to the records of the Federal Home Loan Bank Board [abolished], Washington D.C.