§ 15-4-912 - Final investigation and approval by the board.
               	 		
15-4-912.    Final investigation and approval by the board.
    (a)  Immediately  upon the filing of the certificate of organization by the applicants,  the Bank Commissioner shall submit to the State Banking Board the  proposed articles of incorporation and the certificate of organization  of the applicants.
(b)  As soon as  practicable thereafter, the board shall direct the commissioner to issue  the applicants a certificate of incorporation in such form as it may  prescribe, if the board, from the best source of information at its  command, determines that:
      (1)  Public convenience and necessity continue to require the development finance corporation;
      (2)  The holders of the fully paid common stock of the development finance corporation are at least one hundred (100) in number;
      (3)  All  of the subscribers of the common stock of the development finance  corporation are qualified natural persons and bona fide residents of the  State of Arkansas;
      (4)  Each  congressional district in the state is represented by at least ten  percent (10%) of the fully paid common stock of the development finance  corporation and by at least one (1) member of the board of directors;
      (5)  Not less than one hundred thousand dollars ($100,000) of common stock has been subscribed and fully paid for;
      (6)  Not less than nine hundred thousand dollars ($900,000) of preferred stock has been subscribed and fully paid for; and
      (7)  The  bylaws and regulations submitted, if any, are in conformity with the  articles of incorporation and the provisions of this subchapter, are not  contrary to the laws of this state, and are otherwise satisfactory.
(c)  The  commissioner shall return to the applicants one (1) of the copies of  the articles of incorporation theretofore submitted to him or her by the  applicants, upon which copy he or she shall have endorsed the fact of  the issuance by him or her of the certificate of incorporation.
(d)  If  bylaws and regulations are submitted and are found satisfactory by the  board, the commissioner shall issue his or her certificate of approval  thereof.