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23-48-1007. Service on out-of-state banks.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-48-1007. Service on out-of-state banks.
(a) The registered agent of a registered out-of-state bank is the bank's agent for service of process, notice, or demand required or permitted by law to be served on the out-of-state bank.
(b) A registered out-of-state bank may be served by registered or certified mail, return receipt requested, addressed to the secretary or cashier of the out-of-state bank at its principal office shown in its application for a certificate of authority or in its most recent annual franchise tax report if the out-of-state bank:
(1) Has no registered agent or its registered agent cannot with reasonable diligence be served;
(2) Has withdrawn from transacting business in this state under § 23-48-1008; or
(3) Has had its certificate of authority revoked under § 23-48-1010.
(c) Service is perfected under subsection (b) of this section at the earliest of:
(1) The date the out-of-state bank receives the mail;
(2) The date shown on the return receipt, if signed on behalf of the out-of-state bank; or
(3) Five (5) days after its deposit in the United States mail, as evidenced by the postmark, if mailed postpaid and correctly addressed.
(d) This section does not prescribe the only means, or necessarily the required means, of serving a registered out-of-state bank.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-48-1007
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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Stable record: arkansas_code:legal_authorities:23-48-1007
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 79005be86257452c00f1e007b017aabb7856126ee538f9d8c84f5cc24f27c221
Source location: content.xml paragraph 24615
Stored source content
23-48-1007. Service on out-of-state banks.
(a) The registered agent of a registered out-of-state bank is the bank's agent for service of process, notice, or demand required or permitted by law to be served on the out-of-state bank.
(b) A registered out-of-state bank may be served by registered or certified mail, return receipt requested, addressed to the secretary or cashier of the out-of-state bank at its principal office shown in its application for a certificate of authority or in its most recent annual franchise tax report if the out-of-state bank:
(1) Has no registered agent or its registered agent cannot with reasonable diligence be served;
(2) Has withdrawn from transacting business in this state under § 23-48-1008; or
(3) Has had its certificate of authority revoked under § 23-48-1010.
(c) Service is perfected under subsection (b) of this section at the earliest of:
(1) The date the out-of-state bank receives the mail;
(2) The date shown on the return receipt, if signed on behalf of the out-of-state bank; or
(3) Five (5) days after its deposit in the United States mail, as evidenced by the postmark, if mailed postpaid and correctly addressed.
(d) This section does not prescribe the only means, or necessarily the required means, of serving a registered out-of-state bank.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-48-1008. Withdrawal of out-of-state bank.
(a) A registered out-of-state bank may not withdraw from this state until it obtains a certificate of withdrawal from the Bank Commissioner.
(b) A registered out-of-state bank may apply for a certificate of withdrawal by delivering an application to the commissioner for filing. The application must set forth:
(1) The name of the out-of-state bank and the name of the state or country under whose law it is chartered;
(2) That it is not transacting business in this state and that it surrenders its authority to transact business in this state;
(3) That it revokes the authority of its registered agent to accept service on its behalf and appoints the commissioner as its agent for service of process in any proceeding based on a cause of action arising during the time it was authorized to transact business in this state;
(4) A mailing address to which the commissioner may mail a copy of any process served on him or her under subdivision (b)(3) of this section; and
(5) A commitment to notify the commissioner in the future of any change in its mailing address for a period of time to be determined by the commissioner.
(c) After the withdrawal of the bank is effective, service of process on the commissioner under this section is service on the out-of-state bank. Upon receipt of process, the commissioner shall mail a copy of the process to the out-of-state bank at the mailing address set forth under subsection (b) of this section.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-48-1008
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 23-48-1008. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-48-1010. Procedure for and effect of revocation.
(a) If the Bank Commissioner determines that one (1) or more grounds exist under § 23-48-1009 for revocation of a certificate of authority, he or she shall serve the out-of-state bank with written notice of his or her determination under § 23-48-1007.
(b)(1) If an out-of-state bank does not correct each ground for revocation or demonstrate to the reasonable satisfaction of the commissioner that each ground determined by the commissioner does not exist within thirty (30) days after service of the notice is perfected under § 23-48-1007, the commissioner may revoke the out-of-state bank's certificate of authority by signing a certificate of revocation that recites the ground or grounds for revocation and its effective date.
(2) The commissioner shall file the original of the certificate and serve a copy on the out-of-state bank under § 23-48-1007.
(c) The authority of an out-of-state bank to transact business in this state ceases on the date shown on the certificate revoking its certificate of authority.
(d)(1) The commissioner's revocation of an out-of-state bank's certificate of authority appoints the commissioner the out-of-state bank's agent for service of process in any proceeding based on a cause of action which arose during the time the out-of-state bank was authorized to transact business in this state. Service of process on the commissioner under this subsection is service on the out-of-state bank.
(2) Upon receipt of process, the commissioner shall mail a copy of the process to the secretary or cashier of the out-of-state bank at its principal office shown in its most recent annual franchise tax report or in any subsequent communication received from the bank stating the current mailing address of it
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-48-1010
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 23-48-1010. This identifies an authority to review, not proof of applicability.