Heber Springs Savings & Loan Ass'n v. Cleburne County Bank

Paul "Ward, Justice.

This litigation springs from an effort to obtain a charter for a savings and loan association pursuant to certain provisions of Act 227 of the Acts of 1963, being Ark. Stat. Ann. §§ 67-1801 to 67-1862 (Repl. 1966).

On May 25, 1964 a number of residents of Heber Springs, Cleburne County, and vicinity filed an application pursuant to the above mentioned act for a charter from the state for a savings and loan association to be named “Heber Springs Savings-and Loan Association” and to be located in said city. The application showed:

1. Permanent stock of the par value of…