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23-47-802. Subsidiary trust companies — Creation, formation, etc. — Powers — Location.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-47-802. Subsidiary trust companies — Creation, formation, etc. — Powers — Location.
(a) Notwithstanding the provisions of § 23-48-405, bank holding companies that own, directly or indirectly, an affiliated bank are authorized and empowered by the provisions of this subchapter to apply to the Bank Commissioner for authority to:
(1) Create, form, and establish subsidiary trust companies under this subchapter for the purpose of combining the trust operations of their affiliated banks into a single trust operation; and
(2) Create, form, and establish national trust companies under the laws of the United States.
(b) In determining whether to grant an application for permission to establish a subsidiary trust company, the commissioner shall take into consideration the sufficiency of the capital base of the applying bank holding company, the needs of the communities to be served, and any other facts and circumstances that seem to him or her proper, and may grant or refuse the application accordingly.
(c) The subsidiary trust company shall be formed as a business corporation under the Arkansas Business Corporation Act, § 4-27-101 et seq. The newly formed subsidiary trust company shall only have the ability to conduct trust business that could be conducted by the individual trust departments combined from the affiliated banks to create the subsidiary trust company.
(d) Offices of a subsidiary trust company may be located only in:
(1) Communities where its affiliated banks are located or in communities where their branches are or could be located; or
(2) Communities where it would be authorized to have an office if it were a national trust company.
(e) A subsidiary trust company shall be fully subject to the provisions of § 23-50-101 et seq.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-47-802
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:23-47-802
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3d9b80accdd5bef1e63cdd87315ee75a2c7ccef1bf16cd5ca0b6456cc99524a2
Source location: content.xml paragraph 23111
Stored source content
23-47-802. Subsidiary trust companies — Creation, formation, etc. — Powers — Location.
(a) Notwithstanding the provisions of § 23-48-405, bank holding companies that own, directly or indirectly, an affiliated bank are authorized and empowered by the provisions of this subchapter to apply to the Bank Commissioner for authority to:
(1) Create, form, and establish subsidiary trust companies under this subchapter for the purpose of combining the trust operations of their affiliated banks into a single trust operation; and
(2) Create, form, and establish national trust companies under the laws of the United States.
(b) In determining whether to grant an application for permission to establish a subsidiary trust company, the commissioner shall take into consideration the sufficiency of the capital base of the applying bank holding company, the needs of the communities to be served, and any other facts and circumstances that seem to him or her proper, and may grant or refuse the application accordingly.
(c) The subsidiary trust company shall be formed as a business corporation under the Arkansas Business Corporation Act, § 4-27-101 et seq. The newly formed subsidiary trust company shall only have the ability to conduct trust business that could be conducted by the individual trust departments combined from the affiliated banks to create the subsidiary trust company.
(d) Offices of a subsidiary trust company may be located only in:
(1) Communities where its affiliated banks are located or in communities where their branches are or could be located; or
(2) Communities where it would be authorized to have an office if it were a national trust company.
(e) A subsidiary trust company shall be fully subject to the provisions of § 23-50-101 et seq.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-48-405. Ownership or control of subsidiaries.
It shall be unlawful for a bank holding company to directly or indirectly own or control more than one (1) bank subsidiary if any such bank subsidiary with its main office in Arkansas has a de novo charter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-48-405
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. The source passage cites 23-48-405. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-50-101. Prosecution of violations — Nonliability of commissioner.
(a) The Bank Commissioner may initiate any appropriate civil or administrative action or remedy upon discovering a violation of the Arkansas Banking Code of 1997 or any other statute or rule the enforcement of which is within the scope of his or her duty.
(b) Civil, administrative, or criminal actions initiated by the commissioner under this section which expose him or her or his or her estate to personal liability for damages, or otherwise, shall be defended by the State of Arkansas, and judgments, if any shall be obtained against him or her or his or her estate, shall be borne by the State of Arkansas.
(c) No person shall be subjected to any civil or criminal liability for any act or omission to act in good faith reliance upon an order or rule of the State Bank Department notwithstanding a subsequent decision by a court invalidating the order or rule.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-50-101
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. The source passage cites 23-50-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-27-101. Short title.
This chapter shall be known and may be cited as the “Arkansas Business Corporation Act of 1987.”
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-27-101
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. The source passage cites 4-27-101. This identifies an authority to review, not proof of applicability.