23 CAR § 303-111 – Power to establish branch offices

(a) It is the intention of the Savings and Loan Association Board that, within the limitations of the provisions of the Arkansas Constitution not preempted by federal law, state-chartered savings and loan associations shall not operate at a competitive disadvantage with federal savings and loan associations and shall have the same rights, powers, privileges, benefits, immunities, and exemptions, all of which are hereinafter in this section collectively referred to as "powers" or "power", as federal savings and loan associations in addition to those powers conferred by Arkansas law upon state-chartered savings and loan associations.
(b) To this end, under and pursuant to Acts 1963, No. 227, § 58, as amended, and all other powers conferred by the act and Arkansas law, the board adopts for state-chartered savings and loan associations all of the powers hereinafter set forth and further states that the board does not disallow any of such powers within the meaning of 23 CAR § 303-108(b)(2) of this part:
1. (1) The power to establish branch offices upon proper application and a showing of public need for the proposed branch office and that the volume of business in the proposed service area for the branch office is such as to indicate a successful operation, but only to the extent such a showing is required of federal savings and loan associations seeking to establish similar facilities under current law; and
2. (2) The power to establish branch offices upon proper application and a showing of public need for the proposed branch office and that the volume of business in the proposed service area for the branch office is such as to indicate a successful operation, but only to the extent such a showing is required of federal savings and loan associations seeking to establish similar facilities pursuant to the powers which may be hereafter conferred by any law or rule which may be hereafter adopted, unless within a period of thirty (30) days after the effective date of such authorization, the board at a public hearing shall disallow such powers.
(c) If any provision, clause, or phrase of this section or the application thereof to any association or circumstance is held invalid, such invalidity shall not affect any other provision or application of this part which can be given effect without the invalid provision or application, and to this end the provisions of this part are declared to be severable.