Arkansas § 15-4-1205 - Preliminary approval.
Full text of Arkansas Arkansas Code of 1987 Annotated § 15-4-1205 — Preliminary approval., with citation guidance and answers to common questions.
§ 15-4-1205. Preliminary approval.
If the Bank Commissioner is satisfied that the applicants are bona fide residents of the county or region to be served by the proposed company, that the applicants have the confidence of their respective communities, that, in the case of a regional company, the proposed region constitutes a reasonably compact area with similar economic development needs, that public convenience and necessity require a company, and that the proposed articles of incorporation or articles of organization and operating agreement conform to the provisions of § 15-4-1211, the commissioner shall issue his or her certificate approving the articles of incorporation or articles of organization and operating agreement and authorizing the applicants to proceed with the organization of the company. The commissioner shall not refuse a certificate to a regional company solely because one (1) or more county companies have been approved for the counties composing the region. Provided, however, only one (1) county industrial development company may be organized to serve in each individual county.
Frequently Asked Questions About Arkansas § 15-4-1205
What does Arkansas Code of 1987 Annotated § 15-4-1205 cover?
Section 15-4-1205 ("Preliminary approval.") is part of the Arkansas Code of 1987 Annotated, the codified statutory law of Arkansas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arkansas § 15-4-1205?
A common citation format is "Arkansas Code of 1987 Annotated § 15-4-1205" (Arkansas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arkansas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arkansas official source linked on this page or consult a licensed Arkansas attorney.
How does Arkansas § 15-4-1205 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arkansas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arkansas.