2012 Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities
Chapter 38 - Building and Loan Associations -- Miscellaneous Provisions
Subchapter 4 - -- Prohibited Practices
§ 23-38-401 - Embezzlement, unauthorized acts, etc.

(a) Every officer, director, member of any committee, clerk, or agent of any building and loan association doing business in this state who commits the following acts with intent to deceive, injure, or defraud the association or any association member or for the purpose of inducing any person to become a member thereof or to deceive anyone appointed to examine the affairs of the association shall be deemed guilty of a felony and on conviction shall be imprisoned in the state penitentiary for a period of not less than one (1) year nor more than ten (10) years:

(1) Embezzles, abstracts, or misapplies any of the moneys, funds, or credits of the association;

(2) Issues or puts into circulation any stock or certificates or other orders without proper authority;

(3) Issues, assigns, transfers, cancels, or delivers up any note, bond, draft, mortgage, judgment, decree, or any other written instrument belonging to the association; or

(4) Certifies to or makes a false entry in any book, report, or statement of or to the association.

(b) Whoever, with intent to deceive, injure, or defraud a building and loan association, aids or abets any officer, member of any committee, or other person in committing any of the prohibited acts enumerated herein shall be deemed guilty of a felony and on conviction shall be imprisoned in the state penitentiary for a period of not less than one (1) year nor more than ten (10) years.