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BENNETT v. LONOKE BANCSHARES, INC.

No. 03-258.

155 S.W.3d 15 (2004)

356 Ark. 371

Wayne BENNETT Sr.; Betty Bennett; Wayne Bennett Jr.; Edward M. Bennett; Wayne M. Bennett Sr. Family Trust v. LONOKE BANCSHARES, INC.; Neil Bennett Sr.; Neil Bennett Jr.; David Estes; Joe Melton; First State Bank.

Supreme Court of Arkansas.

March 11, 2004.

Attorney(s) appearing for the Case

James Henry Penick III, Little Rock, for appellants.

James Michael Stuart, Lonoke, for appellees.

James Leon Holmes, Jerald Clifford McKinney II, and Robert M. Cearley, Jr., Little Rock, for Arkansas Community Bankers Ass'n.

BETTY C. DICKEY, Chief Justice.

This is a dispute between two families over controlling interest in Lonoke Bancshares, Inc. (LBI), an Arkansas bank holding company. Appellants, the Wayne Bennett family, maintain that the Arkansas Banking Code of 1997, codified at Ark.Code Ann. § 23-48-101, et seq., controls whether LBI is required to use cumulative voting. Appellees, the Neil Bennett group, assert that the Arkansas Business Corporation Act of 1987, codified...

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