1. (a)

   1. (1) For state banks incorporated on or before May 30, 1997, unless otherwise provided in the articles or bylaws, cumulative voting for directors or on any other issues is permitted.
   2. (2) Thus, if there are five (5) directors to be elected, a stockholder owning fifty (50) shares could vote fifty (50) shares for each director, or the stockholder could cast two hundred fifty (250) votes for one (1) director (Arkansas Code § 23-32-222 [repealed]).
   3. (3) The statute authorizes cumulative voting in connection with the election of directors or on any other issue.
2. (b) For state banks incorporated after May 30, 1997, cumulative voting is not permitted unless and only to the extent provided for in the articles of incorporation of the bank.

Codification Notes: This section was promulgated as Section 48-320.2 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into the Code of Arkansas Rules provided as follows: "(Reference A.C.A. § 23-48-320)" Arkansas Code § 23-32-222 was repealed by Acts 1997, No. 89, § 3.