Browse Arkansas Code titles and sections
23-51-104. Organization and powers of state trust company.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-104. Organization and powers of state trust company.
(a) Subject to the other provisions of this chapter, one or more persons may organize and charter a state trust company. A state trust company may perform any act as a fiduciary or engage in any trust business within or without this state.
(b) Subject to § 23-51-111, a state trust company may exercise the powers of an Arkansas business corporation reasonably necessary or helpful to enable exercise of its specific powers under this chapter.
(c) A state trust company may contribute to community funds, or to charitable, philanthropic, or benevolent instrumentalities conducive to public welfare, amounts that its board considers appropriate and in the interests of the state trust company.
(d) Subject to § 23-51-130, a state trust company may deposit trust funds with itself or an affiliate.
(e) Subject to obtaining any required insurance from the Federal Deposit Insurance Corporation (FDIC), a state trust company may receive and pay deposits with or without interest, made by agencies of the United States Government or of a state, county, or municipality.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-104
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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Record provenance
Stable record: arkansas_code:legal_authorities:23-51-104
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: ece9a6452d9cb12d9fa799b1f689a207034cbf5272bd4cb1a4694dadb300d024
Source location: content.xml paragraph 25313
Stored source content
23-51-104. Organization and powers of state trust company.
(a) Subject to the other provisions of this chapter, one or more persons may organize and charter a state trust company. A state trust company may perform any act as a fiduciary or engage in any trust business within or without this state.
(b) Subject to § 23-51-111, a state trust company may exercise the powers of an Arkansas business corporation reasonably necessary or helpful to enable exercise of its specific powers under this chapter.
(c) A state trust company may contribute to community funds, or to charitable, philanthropic, or benevolent instrumentalities conducive to public welfare, amounts that its board considers appropriate and in the interests of the state trust company.
(d) Subject to § 23-51-130, a state trust company may deposit trust funds with itself or an affiliate.
(e) Subject to obtaining any required insurance from the Federal Deposit Insurance Corporation (FDIC), a state trust company may receive and pay deposits with or without interest, made by agencies of the United States Government or of a state, county, or municipality.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-111. Application of laws relating to general business corporations.
(a) The Arkansas Business Corporation Act, § 4-27-101 et seq., applies to a trust company to the extent not inconsistent with this chapter or the proper business of a trust company, except that any reference to the Secretary of State means the Bank Commissioner unless the context requires otherwise.
(b) Unless expressly authorized by this chapter or a rule of the commissioner, a trust company may not take an action authorized by the Arkansas Business Corporation Act, § 4-27-101 et seq., regarding its corporate status, capital structure, or a matter of corporate governance, of the type for which the Arkansas Business Corporation Act, § 4-27-101 et seq., would require a filing with the Secretary of State if the trust company were a business corporation, without first submitting the filing to the commissioner for the same purposes for which it otherwise would be required to be submitted to the Secretary of State and compliance with the applicable provisions of this chapter.
(c) The commissioner may adopt rules to limit or refine the applicability of subsection (a) of this section to a trust company or to alter or supplement the procedures and requirements of the Arkansas Business Corporation Act, § 4-27-101 et seq., applicable to an action taken under this chapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-111
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 23-51-111. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-130. Trust deposit.
(a) A state trust company may deposit trust funds with itself as an investment if authorized by the settlor or the beneficiary, provided:
(1) It maintains as security for the deposits a separate fund of securities, legal for trust investments, under control of a federal reserve bank or other entity approved by the Bank Commissioner, either in this state or elsewhere;
(2) The total market value of the security is at all times at least equal to the amount of the deposit;
(3) The separate fund is designated as such; and
(4) The separate fund is maintained under the control of another trust institution, bank or government agency.
(b) A state trust company may make periodic withdrawals from or additions to the securities fund required by subsection (a) of this section as long as the required value is maintained. Income from the securities in the fund belongs to the state trust company.
(c) Security for a deposit under this section is not required for a deposit under subsection (a) of this section to the extent the deposit is insured by the Federal Deposit Insurance Corporation or its successor.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-130
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 23-51-130. This identifies an authority to review, not proof of applicability.