§ 23-37-802 — Definitions

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 or with a savings and loan holding company; (B) The acquisition of the direct or indirect ownership or control of voting shares of another association or savings and loan holding company if, after the acquisition, the acquiring association or savings and loan holding company will directly or indirectly own or control more than ten percent (10%) of any class of voting shares of the acquired association or savings and loan holding company; (C) The direct or indirect acquisition of all or substantially all of the assets of another association or savings and loan holding company; or (D) The taking of any other action that would result in the direct or indirect control of another association or savings and loan holding company; (2) "Arkansas association" means an association organized under the laws of the State of Arkansas or under the laws of the United States and which: (A) Has its principal place of business in Arkansas; (B) If controlled by an organization, the organization is either an Arkansas association, southern region association, Arkansas savings and loan holding company, or a southern region savings and loan holding company; and (C) Has more than eighty percent (80%) of its total deposits, other than deposits located in branch offices pursuant to § 23-37-811(a) , in its branch offices located in one (1) or more of the southern region states; (3) "Arkansas savings and loan holding company" means a savings and loan holding company which has: (A) Its principal place of business in Arkansas; (B) Total deposits of its southern region association subsidiaries and Arkansas association subsidiaries that exceed eighty percent (80%) of the total deposits of all association subsidiaries of the savings and loan holding company other than those association subsidiaries held under § 23-37-811(a) ; (4) "Association" means a mutual or capital stock savings and loan association, savings association, building and loan association, or savings bank chartered under the laws of any one of the states or by the Federal Home Loan Bank Board [abolished], pursuant to the Home Owner's Loan Act of 1933, and whose deposits are eligible to be insured by the Federal Savings and Loan Insurance Corporation [abolished]; (5) "Board" means the Savings and Loan Association Board [abolished]; (6) "Branch office" means any office at which an association accepts deposits. The term "branch office" does not include: (A) Unmanned automatic teller machines, point-of-sale terminals, or similar unmanned electronic banking facilities at which deposits may be accepted; (B) Offices located outside the United States; and (C) Loan production offices, representative offices, service corporation offices, or other offices at which deposits are not accepted; (7) "Company" means any company under the Savings and Loan Holding Company Amendments of 1967; (8) "Control" means that which is set forth in the Savings and Loan Holding Company Amendments of 1967; (9) "Deposits" means, with respect to an association, withdrawable or repurchaseable shares, investment certificates, deposits, or other savings accounts in an association held by individuals, partnerships, corporations, the United States Government, states and political subdivisions of the United States, and other entities, exclusive of deposits by foreign governments and foreign official institutions, and by other associations. Determination of deposits must be made by reference to regulatory reports of condition or similar reports filed by the association with applicable state or federal regulatory authorities; (10) "Federal association" means an association chartered by the Federal Home Loan Bank Board [abolished] pursuant to § 5 of the Home Owner's Loan Act of 1933; (11) "Principal place of business" of an association means the state in which the aggregate deposits of the association are the largest. For the purposes of this section, the principal place of business of a savings and loan holding company is the state where the aggregate deposits of the association subsidiaries of the holding company are the largest; (12) "Savings and loan holding company" means that which is set forth in the Savings and Loan Holding Company Amendments of 1967; (13) "Service corporation" means any corporation, the majority of the capital stock of which is owned by one (1) or more associations and which engages, directly or indirectly, in any activities similar to activities which may be engaged in by a service corporation in which an association may invest under the laws of one (1) of the states or under the laws of the United States; (14) "Southern region association" means an association other than an Arkansas association organized under the laws of one (1) of the southern region states or under the laws of the United States and which: (A) Has its principal place of business only in a southern region state other than Arkansas; (B) If controlled by an organization, the organization is either a southern region association or a southern region savings and loan holding company; and (C) Has more than eighty percent (80%) of its total deposits other than deposits located in branch offices pursuant to § 23-37-811(a) in its branch offices located in one (1) or more of the southern region states; (15) "Southern region savings and loan holding company" means a savings and loan holding company which has: (A) Its principal place of business in a southern region state other than Arkansas; (B) Total deposits of its southern region association subsidiaries and Arkansas association subsidiaries that exceed eighty percent (80%) of the total deposits of all association subsidiaries of the savings and loan holding company other than those association subsidiaries held under § 23-37-811(a) ; (16) "Southern region states" means the states of Arkansas, Tennessee, Missouri, Mississippi, Texas, Louisiana, Oklahoma, Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and the District of Columbia; (17) "State" means any one (1) of the states of the Union or the District of Columbia; (18) "State association" means an association organized under the laws of one (1) of the states; and (19) "Subsidiary" means that which is set forth in the Savings and Loan Holding Company Amendments of 1967.

Legislative History

Acts 1987, No. 45, § 2; 1987, No. 825, § 1.