Arkansas Statutes
§ 23-48-303 — Promoter's fees prohibited
Arkansas·Title 23
(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
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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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