Arkansas
State Bank Department
State Banking Board
Meeting
Minutes for February 6, 2003
Appendages
(updated September 2, 2003)
Appendage #1
PROPOSED REGULATION
INDUSTRIAL DEVELOPMENT CORPORATIONS
Application Requirements: Applications
submitted to the Bank Commissioner for consideration
of preliminary approval must include such information that
the Bank Commissioner determines is necessary in order to consider
the qualifications of the organizers. This information must
include, but not be limited to, a complete financial background review,
permission to seek a current credit report, past and current business
involvement, prior involvement with an industrial development corporation, a
listing of the proposed Board of Directors or Management Committee, and a
criminal background check.
Single purpose applications shall
include information, in sufficient detail for the Bank Commissioner
to consider, the potential economic development or community development, or similar project, that the applicant has under serious consideration.
Multiple purpose applications
shall include, in sufficient detail for the Bank Commissioner to consider,
at least three potential economic development or community development, or
similar projects, that the applicant has under serious
consideration.
Upon a preliminary approval. of an application, applicant is required to
provide the Arkansas State Bank Department with evidence that the
required initial capital is being held in escrow pending final approval of
the Arkansas State Banking Board.
CERTIFICATE
OF PERMANENT REGULATION
In
respect to the foregoing permanent regulation of the State Bank Department
Rules and Regulations Manual, the State Banking Board certifies as follows:
(1)
Said regulation was adopted at a meeting of the State Banking Board, with the
Bank Commissioner and Deputy Bank Commissioners in attendance, held in the
Conference Room of the State Bank Department, 400 Hardin. Road,
(2) The foregoing regulation was
adopted at said meeting upon the vote of_5 members of the
State Banking Board. The Bank Commissioner concurred with the Board in the adopting
of said regulation.
(3) The State Banking Board finds that notice of the
foregoing permanent regulation was given as required by A.C.A. §
25-15-204 the
Adopted at a special meeting of
the State Banking Board held at the offices of the State Bank
Department on May 1, 2003.
STATE
BANKING BOARD
Appendage #2
RESOLUTION
WHEREAS, Judy Loving has served faithfully for four years
on the State Banking Board; and
WHEREAS, she has unselfishly
devoted her energies through her judgment and decision-making
during this period of time to the improvement of the banking industry for
the citizens of this state; and
WHEREAS, her contributions to the duties and
responsibilities of the State Banking Board have been most valuable;
and
WHEREAS, her service to the State of
NOW THEREFORE BE
IT RESOLVED; That the State Banking Board adopts this resolution
of appreciation to Judy Loving on this First day of May, Two Thousand Three.