(a) At least three-fourths (3/4) of the number of directors of any industrial loan institution shall be residents of the county in which the city is located in which an industrial loan institution is organized or becomes active under this chapter.(b) Every director shall own and hold unencumbered not less than five hundred dollars ($500) par value of the capital stock of the industrial loan institution.Acts 1941, No. 111, § 9; A.S.A. 1947, § 67-1009.
Arkansas Legal Code