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23-51-105. Articles of association of state trust company.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-105. Articles of association of state trust company.
The articles of association of a state trust company must be signed and acknowledged by each organizer and must contain:
(1) The name of the state trust company;
(2) The period of its duration, which may be perpetual;
(3) The powers of the state trust company, which may be stated as:
(A) All powers granted to a state trust company in this state; or
(B) A list of the specific powers that the state trust company chooses and is authorized to exercise;
(4) The aggregate number of shares that the state trust company will be authorized to issue, the number of classes of shares, which may be one or more, the number of shares of each class if more than one class, and a statement of the par value of the shares of each class or that the shares are to be without par value;
(5) If the shares are to be divided into classes, the designation of each class and statement of the preferences, limitations, and relative rights of the shares of each class;
(6) Any provision granting to shareholders the preemptive right to acquire additional shares of the state trust company;
(7) Any provision granting the right of shareholders to cumulative voting in the election of directors;
(8) The aggregate amount of consideration to be received for all shares initially issued by the state trust company, and a statement signed and verified by the organizers that the capital stock has been fully subscribed and the purchase price therefor has been paid into an escrow account approved by the Bank Commissioner;
(9) Any provision consistent with law that the organizers elect to set forth in the articles of association for the regulation of the internal affairs of the state trust company or that is otherwise required by this chap
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-105
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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Stable record: arkansas_code:legal_authorities:23-51-105
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d8ac00ad710b62ba6d88c7c4211088a2956304e051ee4394f5f5e5adf12726e9
Source location: content.xml paragraph 25322
Stored source content
23-51-105. Articles of association of state trust company.
The articles of association of a state trust company must be signed and acknowledged by each organizer and must contain:
(1) The name of the state trust company;
(2) The period of its duration, which may be perpetual;
(3) The powers of the state trust company, which may be stated as:
(A) All powers granted to a state trust company in this state; or
(B) A list of the specific powers that the state trust company chooses and is authorized to exercise;
(4) The aggregate number of shares that the state trust company will be authorized to issue, the number of classes of shares, which may be one or more, the number of shares of each class if more than one class, and a statement of the par value of the shares of each class or that the shares are to be without par value;
(5) If the shares are to be divided into classes, the designation of each class and statement of the preferences, limitations, and relative rights of the shares of each class;
(6) Any provision granting to shareholders the preemptive right to acquire additional shares of the state trust company;
(7) Any provision granting the right of shareholders to cumulative voting in the election of directors;
(8) The aggregate amount of consideration to be received for all shares initially issued by the state trust company, and a statement signed and verified by the organizers that the capital stock has been fully subscribed and the purchase price therefor has been paid into an escrow account approved by the Bank Commissioner;
(9) Any provision consistent with law that the organizers elect to set forth in the articles of association for the regulation of the internal affairs of the state trust company or that is otherwise required by this chapter to be set forth in the articles of association;
(10) The street address of the state trust company's principal office required to be maintained under § 23-51-172; and
(11) The number of directors or managers constituting the initial board, which may not be fewer than three (3), and the names and street addresses of the persons who are to serve as directors until the first annual meeting of shareholders or until successor directors have been elected and qualified.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-172. State trust company principal office.
(a) Each state trust company must have and continuously maintain a principal office in this state.
(b) Each executive officer at the principal office is an agent of the state trust company for service of process.
(c) A state trust company may change its principal office to any location within this state by filing a written notice with the Bank Commissioner setting forth the name of the state trust company, the street address of its principal office before the change, the street address to which the principal office is to be changed, and a copy of the resolution adopted by the board authorizing the change.
(d) The change of principal office shall take effect thirty (30) days after the date the commissioner receives the notice pursuant to subsection (c) of this section, unless the commissioner establishes another date or unless prior to that day the commissioner notifies the state trust company that it must establish to the satisfaction of the commissioner that the relocation is consistent with the original determination made under § 23-51-106(b) for the establishment of a state trust company at that location, in which event the change of principal office shall take effect when approved by the commissioner.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-172
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 23-51-172. This identifies an authority to review, not proof of applicability.