1. (a) State-chartered savings and loan associations after April 25, 1972, have the power to:

   1. (1) Pay or give any premium or other concession for the opening or increasing of a savings account to the same extent that the payment of premiums or the granting of other concessions may be authorized for a federal association doing business in this state;
   2. (2) Designate the legal relationship between the association and the holder of a savings account with the association and the name to be given such savings account in any advertising or public description of such savings account to the same extent that such designations and legal relationships are authorized for a federal association doing business in this state;
   3. (3) Adopt any business practice, procedure, method, or system authorized for a federal association doing business in this state;
   4. (4) Make any loan or investment that a federal association doing business in this state is authorized to make, provided, in the absence of a general rule adopted by the board, the Supervisor of Savings and Loan Associations may authorize an association to make any loan or investment that a federal association doing business in this state is authorized to make; and
   5. (5) Adopt any dividend or interest paying date or other procedure or practice with respect to the paying of interest or dividends authorized for a federal association doing business in this state.

2. (b)

   1. (1) Subsection (a) of this section gives to state-chartered savings and loan associations those powers which federal associations doing business in this state have on April 25, 1972.
   2. (2) Provided, that it was the clear intent of the General Assembly of the State of Arkansas in adopting Acts 1969, No. 242, that federal savings and loan associations doing business in this state should not have an unfair competitive advantage over state-chartered associations.
   3. (3) In order to implement this intent during interim periods of the quarterly meetings of the board in the event federal associations are granted powers after April 25, 1972, in addition to those existing on or before that date, state-chartered savings and loan associations shall have the same powers, unless within a period of ninety (90) days after the effective date of said federal authorization, the board at a public hearing shall disallow such powers.

Codification Notes: This section, prior to codification into the Code of Arkansas Rules, provided as follows: “Pursuant to Act 242 of the General Assembly of the State of Arkansas for 1969 the Savings and Loan Association Board hereby adopts the following regulation:”.