Ark. Code Ann. § 23-37-704: Contemporaneous conversion from federal mutual to state stock association

(a) A federal association may file with the Savings and Loan Association Board [abolished] a joint petition for authority to convert from a federal association to a state-chartered association and contemporaneously to convert from a mutual association to a stock association.

(b) Pursuant to the provisions of § 23-37-703 , the board may hold a hearing on the petition and issue its certificate of preliminary approval to a contemporaneous conversion from a federal association to a state-chartered stock association.