(a) The Arkansas State Highway and Transportation Department is empowered to supervise, regulate, restrict, and control the issuance of stock, stock certificates, bonds, notes, and other evidences of indebtedness by common carriers by aircraft incorporated under the laws of Arkansas and the creation of liens on property in this state by carriers incorporated under the laws of other states.
(b) All securities issued without approval of the department as provided for in this section shall be void.
(c) This section shall not apply to the issuance of any securities payable at periods of not more than twelve (12) months from the date thereof.
(d) No provision in this chapter and no deed or act done or performed under or pursuant to this chapter shall be construed to obligate the State of Arkansas to pay or guarantee, in any manner whatsoever, any securities issued under the provisions of this chapter.
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