Ark. Code Ann. § 23-37-307: Bylaws

In addition to any provisions which may be adopted by the incorporators and approved by the Supervisor of Savings and Loan Associations, the bylaws of every association shall provide:

(1) For an annual meeting of the membership of the association, or of the owners of permanent capital stock, for the purpose of electing directors;

(2) For not fewer than five (5) nor more than twenty-one (21) members of the board of directors;

(3) For not less than ten (10) days' written notice to all members, or holders of permanent capital stock, of any special meeting of the association. Provided, no notice of an annual meeting of an association shall be required;

(4) For a term of office not to exceed one (1) year for each member of the board of directors; and

(5) For the amendment of the bylaws, with the approval of the supervisor, by a majority of the members present, or holders of permanent capital stock, at any annual or special meeting of the association.