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23-48-1009. Grounds for revocation. [Effective until May 1, 2021.]
Arkansas Code — all titles (historical 2020) · legal_authorities
23-48-1009. Grounds for revocation. [Effective until May 1, 2021.]
The Bank Commissioner may commence a proceeding under § 23-48-1010 to revoke the certificate of authority of a registered out-of-state bank if:
(1) The out-of-state bank does not deliver its annual franchise tax report to the Secretary of State within sixty (60) days after it is due;
(2) The out-of-state bank does not pay within sixty (60) days after they are due any franchise taxes or penalties imposed by this chapter or other law;
(3) The out-of-state bank is without a registered agent or registered office in this state for sixty (60) days or more;
(4) The out-of-state bank does not inform the commissioner under § 23-48-1005 or § 23-48-1006 that its registered agent or registered office has changed, that its registered agent has resigned, or that its registered office has been discontinued within sixty (60) days of the change, resignation, or discontinuance;
(5) The out-of-state bank or an officer, director, or employee thereof is found to be violating federal banking laws or regulations, violating the banking laws of this state or department rules, violating any regulatory agreement, or jeopardizing the safety and soundness of the out-of-state bank;
(6) An incorporator, director, officer, or agent of the out-of-state bank signed a document he or she knew was false in any material respect with intent that the document be delivered to the commissioner for filing; or
(7) The commissioner receives a duly authenticated certificate from the bank supervisory agency or other official having custody of the corporate records of banking institutions in the state or country under whose law the out-of-state bank is chartered stating that it has been dissolved or disappeared as the result of a merger
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-48-1009
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:23-48-1009
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c593c36a04b56bd45193b8beb67770058f16b3aeb03712f2551a8d8bafddc46c
Source location: content.xml paragraph 24641
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23-48-1009. Grounds for revocation. [Effective until May 1, 2021.]
The Bank Commissioner may commence a proceeding under § 23-48-1010 to revoke the certificate of authority of a registered out-of-state bank if:
(1) The out-of-state bank does not deliver its annual franchise tax report to the Secretary of State within sixty (60) days after it is due;
(2) The out-of-state bank does not pay within sixty (60) days after they are due any franchise taxes or penalties imposed by this chapter or other law;
(3) The out-of-state bank is without a registered agent or registered office in this state for sixty (60) days or more;
(4) The out-of-state bank does not inform the commissioner under § 23-48-1005 or § 23-48-1006 that its registered agent or registered office has changed, that its registered agent has resigned, or that its registered office has been discontinued within sixty (60) days of the change, resignation, or discontinuance;
(5) The out-of-state bank or an officer, director, or employee thereof is found to be violating federal banking laws or regulations, violating the banking laws of this state or department rules, violating any regulatory agreement, or jeopardizing the safety and soundness of the out-of-state bank;
(6) An incorporator, director, officer, or agent of the out-of-state bank signed a document he or she knew was false in any material respect with intent that the document be delivered to the commissioner for filing; or
(7) The commissioner receives a duly authenticated certificate from the bank supervisory agency or other official having custody of the corporate records of banking institutions in the state or country under whose law the out-of-state bank is chartered stating that it has been dissolved or disappeared as the result of a merger.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-48-1005. Change of registered office or registered agent of out-of-state bank.
(a) A registered out-of-state bank may change its registered office or registered agent by delivering to the Bank Commissioner for filing a statement of change that sets forth:
(1) Its name;
(2) The street address of its current registered office;
(3) If the current registered office is to be changed, the street address of its new registered office;
(4) The name of its current registered agent;
(5) If the current registered agent is to be changed, the name of its new registered agent and the new agent's written consent, either on the statement or attached to it, to the appointment; and
(6) That after the change or changes are made, the street addresses of its registered office and the business office of its registered agent will be identical.
(b) If a registered agent changes the street address of his or her business office, he or she may change the street address of the registered office of any out-of-state bank for which he or she is the registered agent by notifying the bank in writing of the change and signing, either manually or in facsimile, and delivering to the commissioner for filing a statement of change that complies with the requirements of subsection (a) of this section and recites that the bank has been notified of the change.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-48-1005
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 23-48-1005. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-48-1006. Resignation of registered agent of out-of-state bank.
(a) The registered agent of an out-of-state bank may resign his or her agency appointment by signing and delivering to the Bank Commissioner for filing the original and two (2) exact or conformed copies of a statement of resignation. The statement of resignation may include a statement that the registered office is also discontinued.
(b) After filing the statement, the commissioner shall attach the filing receipt to one (1) copy and mail the copy and receipt to the registered office if not discontinued. The commissioner shall mail the other copy to the out-of-state bank at its principal office address shown in its most recent annual franchise tax report.
(c) The agency appointment is terminated, and the registered office discontinued if so provided, on the thirty-first day after the date on which the statement was filed.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-48-1006
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 23-48-1006. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-48-1009. Grounds for revocation. [Effective May 1, 2021.]
The Bank Commissioner may commence a proceeding under § 23-48-1010 to revoke the certificate of authority of a registered out-of-state bank if:
(1) The out-of-state bank does not deliver its annual franchise tax report to the Department of Finance and Administration within sixty (60) days after it is due;
(2) The out-of-state bank does not pay within sixty (60) days after they are due any franchise taxes or penalties imposed by this chapter or other law;
(3) The out-of-state bank is without a registered agent or registered office in this state for sixty (60) days or more;
(4) The out-of-state bank does not inform the commissioner under § 23-48-1005 or § 23-48-1006 that its registered agent or registered office has changed, that its registered agent has resigned, or that its registered office has been discontinued within sixty (60) days of the change, resignation, or discontinuance;
(5) The out-of-state bank or an officer, director, or employee thereof is found to be violating federal banking laws or regulations, violating the banking laws of this state or department rules, violating any regulatory agreement, or jeopardizing the safety and soundness of the out-of-state bank;
(6) An incorporator, director, officer, or agent of the out-of-state bank signed a document he or she knew was false in any material respect with intent that the document be delivered to the commissioner for filing; or
(7) The commissioner receives a duly authenticated certificate from the bank supervisory agency or other official having custody of the corporate records of banking institutions in the state or country under whose law the out-of-state bank is chartered stating that it has been dissolved or disappeared as the re
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-48-1009
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. Same stored citation; legal effect and authority still require review.
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.