23-49-104. When possession terminates.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-49-104. When possession terminates. When the Bank Commissioner has taken possession of the business and property of an institution under the provisions of § 23-49-102, the commissioner shall hold possession of the business and property until the affairs of the institution have been finally liquidated as provided in this chapter, unless the institution has undertaken the voluntary liquidation of its affairs under this chapter or the Federal Deposit Insurance Corporation has been appointed receiver.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-49-104

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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Arkansas Code — all titles (historical 2020) · legal_authorities

23-49-102. Department taking possession — Procedure.

23-49-102. Department taking possession — Procedure. (a) In addition to the powers conferred upon the Bank Commissioner and the State Bank Department, the commissioner may take possession of the business and property of any institution which the commissioner supervises whenever it appears to the commissioner that the institution: (1) Is insolvent or in imminent danger of insolvency; (2) Is in an unsafe or unsound condition; (3) Has refused to pay its deposits or obligations in accordance with the terms under which those deposits or obligations were incurred; (4) Has concealed or refused to submit books, papers, records, or affairs of the institution for inspection to any examiner or to any lawful agent of the appropriate federal financial institution regulatory agency or of the department; (5) Has substantially dissipated assets or earnings due to: (A) Any violation of any law or rule; or (B) An unsafe or unsound practice; (6) Has requested through its board of directors that the department take possession for the benefit of depositors, other creditors, shareholders, or other persons; (7) Has an impairment of its capital as is currently required to be maintained by the department; (8) Has neglected or refused, for a period of at least thirty (30) days, to comply with the terms of a final order of the department or final order of a federal financial institution's regulatory agency essential to preserve the solvency of the institution; or (9) Has failed to pay the fees charged by the department under § 23-46-509 after due notice of the amount of the fee has been given. (b) Whenever it appears to the department that any one (1) or more of the conditions in subsection (a) of this section exists as to any institution, the department shall cause a ce

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-49-102

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 23-49-102. This identifies an authority to review, not proof of applicability.