- (a) All savings and loan or building and loan associations operating under authority of the statutes of Arkansas may pay to the holders of its savings accounts any rate of dividend, or bonus, or special dividend, or interest rate, or classify its savings accounts for the purpose of paying a differential or variable dividend or interest rate, or adopt any other dividend or interest rate policy that was authorized for federal associations operating in this state as of July 11, 1973.
- (b) Provided, that it was the clear intent of the General Assembly of the State of Arkansas in adopting Acts 1967, No. 144, that federal savings and loan associations operating in this state should not have an unfair competitive advantage over state-chartered associations in interest rate or dividend and related policies and in order to implement this intent during interim periods of the quarterly meetings of the Savings and Loan Association Board, all savings and loan or building and loan associations operating under the authority of the statutes of Arkansas may pay to the holders of its savings accounts any rate of dividend or bonus, or special dividend, or interest rate, or classify its savings accounts for the purpose of paying a differential or variable dividend or interest rate, or adopt any other dividend or interest rate policy that may be authorized after July 11, 1973, for federal associations operating in this state, 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 authorization.