Arkansas Statutes
§ 23-47-605 — Community development corporations
Arkansas·Title 23
(a)As used in this section, the term "public welfare" means developing housing, fostering economic growth and revitalization, creating small businesses, including minority-owned businesses, and supporting other community development initiatives approved by the Bank Commissioner.
(b)A state bank may make investments designed primarily to promote the public welfare, either directly or by purchasing interests in an entity primarily engaged in making the investments.
(c)A state bank shall not make any investment if the investment would expose the bank to unlimited liability.
(d)The commissioner may limit a state bank's investments in any one (1) project and a bank's aggregate investments under this section.
(e)In no case shall a state bank's aggregate investments under this section exceed
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Legislative History
Acts 1997, No. 89, § 1.
Nearby Sections
15
§ 23-1-101
Definitions§ 23-1-103
Compliance with Acts 1935, No. 324, and rules of commission required - Penalties for noncompliance§ 23-1-106
Penalties cumulative - Recovery of penalty not bar to further penalty or criminal prosecution§ 23-1-108
Jurisdiction and venue of actions§ 23-1-110
Actions tried without jury - Exceptions§ 23-1-111
Copies of official papers as evidence§ 23-1-115
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