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23-50-102. Forfeiture of charter.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-50-102. Forfeiture of charter.
(a)(1) If the directors of any institution under the supervision of the State Bank Department shall knowingly violate or knowingly permit any of its officers, agents, or servants to violate any of the laws enacted for the rule of any such institutions or any department rules, all rights, privileges, and franchises of the institution shall be subject to forfeiture.
(2)(A) Any violation shall, however, be determined in the first instance by the Bank Commissioner, after notice to the institution of not less than five (5) days, and after hearing thereon, and subject to appeal by the institution to the circuit court of the county wherein the institution has its main office.
(B) Any appeal shall be cognizable and subject to hearing by the circuit court, either in term time or in vacation, at chambers, upon five (5) days' notice of the taking of the appeal and of the time and place for the hearing.
(b)(1) Upon rendition of any decision adverse to any institution, the commissioner shall be authorized, in his or her discretion, to take charge of the institution and manage and supervise the business thereof, pending any appeal that may be taken from the decision or orders.
(2) Upon affirmance by the circuit court of the decision or orders appealed from, the commissioner shall be authorized to continue supervision, or to suspend the charter, of the institution, pending compliance with the decision or orders.
(3) If the decision or orders are not complied with in the case of a state bank or subsidiary trust company within a reasonable time to be fixed by the commissioner, the department shall proceed to liquidate the business and assets of the state bank or subsidiary trust company in the same manner as is provided in the case of insolv
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-50-102
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. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-50-102
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: a49c548b21edb67bc32adb0bbe706c8eaa023a3120be19ecce74e0aa21b6cbac
Source location: content.xml paragraph 24978
Stored source content
23-50-102. Forfeiture of charter.
(a)(1) If the directors of any institution under the supervision of the State Bank Department shall knowingly violate or knowingly permit any of its officers, agents, or servants to violate any of the laws enacted for the rule of any such institutions or any department rules, all rights, privileges, and franchises of the institution shall be subject to forfeiture.
(2)(A) Any violation shall, however, be determined in the first instance by the Bank Commissioner, after notice to the institution of not less than five (5) days, and after hearing thereon, and subject to appeal by the institution to the circuit court of the county wherein the institution has its main office.
(B) Any appeal shall be cognizable and subject to hearing by the circuit court, either in term time or in vacation, at chambers, upon five (5) days' notice of the taking of the appeal and of the time and place for the hearing.
(b)(1) Upon rendition of any decision adverse to any institution, the commissioner shall be authorized, in his or her discretion, to take charge of the institution and manage and supervise the business thereof, pending any appeal that may be taken from the decision or orders.
(2) Upon affirmance by the circuit court of the decision or orders appealed from, the commissioner shall be authorized to continue supervision, or to suspend the charter, of the institution, pending compliance with the decision or orders.
(3) If the decision or orders are not complied with in the case of a state bank or subsidiary trust company within a reasonable time to be fixed by the commissioner, the department shall proceed to liquidate the business and assets of the state bank or subsidiary trust company in the same manner as is provided in the case of insolvent state banks.
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