1. (a) Banks chartered on or prior to May 30, 1997.

   1. (1) Unless otherwise provided by the articles of agreement, or an amendment thereto, every stockholder, upon the sale for cash of any new stock of the same class as that which the stockholder already holds, shall have the right to purchase his or her pro rata share thereof at a price not exceeding the price at which it may be offered to others, which price may be in excess of par.
   2. (2) Where the articles of agreement, or amendment thereto, do not prohibit such preemptive rights, the terms and conditions of such rights, and the time limit fixed for the exercise thereof may be prescribed in the articles of agreement or amendment, or, if not so prescribed in the articles of agreement or amendment, then in the bylaws or in the resolution of the board of directors adopted in connection with such stock increase.
2. (b) Banks chartered after May 30, 1997. Except as expressly provided in the articles of agreement, or an amendment thereto, upon the sale for cash of any new stock whether or not of the same class as the stock which is outstanding, no stockholder shall have the right to purchase any portion thereof by reason of his or her stock ownership.

Codification Notes: This section was promulgated as Section 48-314.1 of the State Bank Department Rules prior to codification into the Code of Arkansas Rules. This section as promulgated prior to codification into the Code of Arkansas Rules provided as follows: "(Reference A.C.A. § 23-48-314)"