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23-48-402. Nonapplicability of subchapter.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-48-402. Nonapplicability of subchapter.
(a) This subchapter shall not apply to shares of any company:
(1) Acquired by a bank holding company or by a bank in satisfaction of a debt previously contracted in good faith;
(2) Which are held or acquired by a bank in good faith in a fiduciary capacity; or
(3) Which are of the kinds and amounts eligible for investments by state banks under the provisions of § 23-47-401.
(b)(1) Notwithstanding subsection (a) of this section, a bank holding company or a state bank shall dispose of shares acquired in satisfaction of a debt previously contracted in good faith within a period of two (2) years from the date on which they were acquired.
(2)(A) The Bank Commissioner is authorized upon application to extend, from time to time for up to an additional three (3) years, for not more than one (1) year at a time, the two-year period referred to in this section for disposing of any shares acquired by a bank holding company, or state bank, in the regular course of securing or collecting a debt previously contracted in good faith, if, in the commissioner's judgment, such an extension would not be detrimental to the public interest, but no extensions shall, in the aggregate, exceed three (3) years.
(B) However, a bank holding company shall not be prohibited from purchasing shares from any of its banking subsidiaries, subject to the provisions of §§ 23-48-405 and 23-48-406.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-48-402
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:23-48-402
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 8fd3e7105ac0d34d90a6f618981f80f4ccadf23e4aff79f47f8d3d45f2172dd2
Source location: content.xml paragraph 23851
Stored source content
23-48-402. Nonapplicability of subchapter.
(a) This subchapter shall not apply to shares of any company:
(1) Acquired by a bank holding company or by a bank in satisfaction of a debt previously contracted in good faith;
(2) Which are held or acquired by a bank in good faith in a fiduciary capacity; or
(3) Which are of the kinds and amounts eligible for investments by state banks under the provisions of § 23-47-401.
(b)(1) Notwithstanding subsection (a) of this section, a bank holding company or a state bank shall dispose of shares acquired in satisfaction of a debt previously contracted in good faith within a period of two (2) years from the date on which they were acquired.
(2)(A) The Bank Commissioner is authorized upon application to extend, from time to time for up to an additional three (3) years, for not more than one (1) year at a time, the two-year period referred to in this section for disposing of any shares acquired by a bank holding company, or state bank, in the regular course of securing or collecting a debt previously contracted in good faith, if, in the commissioner's judgment, such an extension would not be detrimental to the public interest, but no extensions shall, in the aggregate, exceed three (3) years.
(B) However, a bank holding company shall not be prohibited from purchasing shares from any of its banking subsidiaries, subject to the provisions of §§ 23-48-405 and 23-48-406.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-47-401. Investment powers and limitations.
(a) A state bank may invest its funds without limitation in the following:
(1) Direct obligations of the United States Government;
(2) Obligations of agencies and instrumentalities created by act of Congress and authorized thereby to issue securities or evidences of indebtedness, regardless of guarantee of repayment by the United States Government;
(3) Obligations the principal and interest of which are fully guaranteed by the United States Government or an agency or an instrumentality created by an act of Congress and authorized thereby to issue such a guarantee;
(4) Obligations the principal and interest of which are fully secured, insured, or covered by commitments or agreements to purchase by the United States Government or an agency or instrumentality created by an act of Congress and authorized thereby to issue such commitments or agreements;
(5) General obligations of the states of the United States and of the political subdivisions, municipalities, commonwealths, territories, or insular possessions thereof;
(6) Obligations issued by the State Board of Education under authority of the Arkansas Constitution or applicable statutes;
(7) Warrants of political subdivisions of the State of Arkansas and municipalities thereof having maturities not exceeding one (1) year;
(8) Prerefunded municipal bonds, the principal and interest of which are fully secured by the principal and interest of a direct obligation of the United States Government;
(9) The sale of federal funds with a maturity of not more than one (1) business day;
(10) Demand, savings, or time deposits or accounts of any depository institution chartered by the United States, any state of the United States, or the District of Columbia, provided
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-47-401
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 23-47-401. This identifies an authority to review, not proof of applicability.
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
23-48-406. Acquisition of bank stock or assets — Limitations.
(a) A bank holding company is prohibited from acquiring ownership or control of the stock or the assets of any bank that has its main office or any branch office in Arkansas, if, after giving effect to the acquisition of the stock or the assets of that bank, the acquiring bank holding company would own or control, directly or indirectly, banks having in the aggregate more than twenty-five percent (25%) of the total deposits within the State of Arkansas held by banks.
(b)(1) Determinations of the percentage of total deposits required by subsection (a) of this section shall be made as of the date of acquisition of the stock or assets.
(2) The determinations shall be made with reference to the average total deposits of the respective banks as reflected on their quarterly financial reports for the four (4) fiscal quarters immediately preceding the date of acquisition as filed with the Federal Deposit Insurance Corporation, or its successor, or if the deposits of the bank are not insured by the Federal Deposit Insurance Corporation, then as filed with the State Bank Department, or its successor.
(c) For the purpose of this section, the term “deposits” shall include, without limitation, all demand, savings, time, certificates of deposit, and other similar depository accounts of any person, but shall not include depository accounts of banks or public funds.
(d)(1) Nothing in this section is intended to prevent any bank holding company domiciled in the State of Arkansas from acquiring ownership or control of banks domiciled outside the State of Arkansas if applicable state or federal laws permit the Arkansas bank holding company to do so.
(2) However, except as permitted by applicable federal law or speci
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-48-406
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 23-48-406. This identifies an authority to review, not proof of applicability.