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23-47-707. Loans of trust funds to officers and employees prohibited — Penalties.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-47-707. Loans of trust funds to officers and employees prohibited — Penalties.
(a) It shall be unlawful for any state bank to lend to any officer, director, or employee any funds held in trust under the powers conferred by this subchapter, or to sell assets held in trust to any such persons, without the prior written approval of the Bank Commissioner.
(b) In the absence of the prior written approval of the commissioner, any officer, director, or employee making the loan or sale, or to whom the loan or sale is made is guilty of a Class D felony.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-47-707
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-47-707
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c9d20f0fa39c14f396bcc30e8c51c98999a670d7f42b9679e53598daa8571faf
Source location: content.xml paragraph 23058
Stored source content
23-47-707. Loans of trust funds to officers and employees prohibited — Penalties.
(a) It shall be unlawful for any state bank to lend to any officer, director, or employee any funds held in trust under the powers conferred by this subchapter, or to sell assets held in trust to any such persons, without the prior written approval of the Bank Commissioner.
(b) In the absence of the prior written approval of the commissioner, any officer, director, or employee making the loan or sale, or to whom the loan or sale is made is guilty of a Class D felony.
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