Browse Arkansas Code titles and sections
23-48-505. Merger of state bank into an out-of-state state-chartered bank.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-48-505. Merger of state bank into an out-of-state state-chartered bank.
(a) Subject to the provisions of this subchapter and provided that no Arkansas bank which is a party to the merger has a de novo charter, a state bank may merge into an out-of-state bank.
(b) The action to be taken by a merging state bank and its rights and liabilities and those of its shareholders shall be the same as those prescribed for the out-of-state state-chartered banks, at the time of the action, by the laws of the home state of the out-of-state state-chartered bank, and not by the law of this state, except that:
(1) The assenting vote of the holders of a simple majority of each class of voting stock of a state bank shall be required for the merger; and
(2) Upon the merger of a state bank into an out-of-state state-chartered bank, the stockholders of the state bank shall have dissenters' rights.
(c) The merger shall only be consummated after compliance with all applicable provisions of § 23-48-901 et seq.
(d) Upon the completion of the merger, the charter of any merging state bank shall automatically terminate.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-48-505
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:23-48-505
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: baa7a83c222e4318dbc3bf34ce038acb1c6093099b2aec87db18c86b121e40bc
Source location: content.xml paragraph 23991
Stored source content
23-48-505. Merger of state bank into an out-of-state state-chartered bank.
(a) Subject to the provisions of this subchapter and provided that no Arkansas bank which is a party to the merger has a de novo charter, a state bank may merge into an out-of-state bank.
(b) The action to be taken by a merging state bank and its rights and liabilities and those of its shareholders shall be the same as those prescribed for the out-of-state state-chartered banks, at the time of the action, by the laws of the home state of the out-of-state state-chartered bank, and not by the law of this state, except that:
(1) The assenting vote of the holders of a simple majority of each class of voting stock of a state bank shall be required for the merger; and
(2) Upon the merger of a state bank into an out-of-state state-chartered bank, the stockholders of the state bank shall have dissenters' rights.
(c) The merger shall only be consummated after compliance with all applicable provisions of § 23-48-901 et seq.
(d) Upon the completion of the merger, the charter of any merging state bank shall automatically terminate.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-48-901. [Repealed.]
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-48-901
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: repealed. The source passage cites 23-48-901. This identifies an authority to review, not proof of applicability.