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23-51-108. Hearing and decision on charter application.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-108. Hearing and decision on charter application.
(a) No person shall appear in opposition to the application unless the person shall have filed a written protest to the granting of the application within thirty (30) days of the date of the notice of the filing of the application. The protest must state the grounds for objection and must be accompanied by a filing fee of not less than two thousand dollars ($2,000) nor more than five thousand dollars ($5,000) for each protestant, such amount to be set by rule promulgated by the Bank Commissioner.
(b) Once the written report of investigation has been completed, the commissioner shall establish a time for hearing on the charter application.
(c) Notice of the time, place, and purpose of the hearing shall be given at least thirty (30) days before the hearing as follows:
(1) By letter from the commissioner to the organizers of the proposed state trust company and to each trust institution to which the organizers of the application are required to give written notice pursuant to § 23-51-107(a);
(2) By letter from the commissioner to each person who has notified the commissioner of an intention to oppose the application, provided that if a group of persons has protested the application, the notice may be given to one (1) member of the group; and
(3) By release to news media.
(d) If the commissioner sets a hearing, the commissioner shall conduct a public hearing and as many prehearing conferences and opportunities for discovery as the commissioner considers advisable and consistent with applicable law and rules.
(e) Based on the record of any hearing conducted pursuant to subsection (d) of this section, the commissioner shall determine whether all of the necessary conditions set forth in § 23-51-106(b) have
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-108
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:23-51-108
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 74e6351f45be1f965f34d113ee56c8edea06d86c3206709c81b4d38b1bdfd578
Source location: content.xml paragraph 25365
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23-51-108. Hearing and decision on charter application.
(a) No person shall appear in opposition to the application unless the person shall have filed a written protest to the granting of the application within thirty (30) days of the date of the notice of the filing of the application. The protest must state the grounds for objection and must be accompanied by a filing fee of not less than two thousand dollars ($2,000) nor more than five thousand dollars ($5,000) for each protestant, such amount to be set by rule promulgated by the Bank Commissioner.
(b) Once the written report of investigation has been completed, the commissioner shall establish a time for hearing on the charter application.
(c) Notice of the time, place, and purpose of the hearing shall be given at least thirty (30) days before the hearing as follows:
(1) By letter from the commissioner to the organizers of the proposed state trust company and to each trust institution to which the organizers of the application are required to give written notice pursuant to § 23-51-107(a);
(2) By letter from the commissioner to each person who has notified the commissioner of an intention to oppose the application, provided that if a group of persons has protested the application, the notice may be given to one (1) member of the group; and
(3) By release to news media.
(d) If the commissioner sets a hearing, the commissioner shall conduct a public hearing and as many prehearing conferences and opportunities for discovery as the commissioner considers advisable and consistent with applicable law and rules.
(e) Based on the record of any hearing conducted pursuant to subsection (d) of this section, the commissioner shall determine whether all of the necessary conditions set forth in § 23-51-106(b) have been established and shall enter an order granting or denying the charter. The commissioner may make approval of any application conditional and shall include any conditions in the order granting the charter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-106. Application for state trust company charter.
(a) An application for a state trust company charter must be made under oath and in the form required by the Bank Commissioner and must be supported by information, data, records, and opinions of counsel that the commissioner requires. The application must be accompanied by a non-refundable filing fee of not less than three thousand dollars ($3,000) nor more than ten thousand dollars ($10,000) as set by rule of the commissioner and proof of escrow of deposit for the required capital.
(b) The commissioner shall grant a state trust company charter only on proof that one or more viable markets exist within or outside of this state that may be served in a profitable manner by the establishment of the proposed state trust company. In making such a determination, the commissioner shall examine the business plan which shall be submitted as part of the application for a state trust company charter and consider:
(1) The market or markets to be served;
(2) Whether the proposed organizational and capital structure and amount of initial capitalization is adequate for the proposed business and location;
(3) Whether the anticipated volume and nature of business indicates a reasonable probability of success and profitability based on the market sought to be served;
(4) Whether the proposed officers and directors, as a group, have sufficient fiduciary experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the proposed state trust company will operate in compliance with law and that success of the proposed state trust company is probable;
(5) Whether each principal shareholder has sufficient experience, ability, standing, competence, trustworthiness, and integrity to justify
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-106
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 23-51-106. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-107. Notice and investigation of charter application.
(a) The Bank Commissioner shall notify the organizers when the application is complete and accepted for filing and all required fees and deposits have been paid. Upon filing of an application with the commissioner, the organizers of the proposed state trust company shall give notice of filing through publication by one (1) insertion in a newspaper published in the City of Little Rock and having a general and substantially statewide circulation and shall give written notice of filing through the United States mail to all trust institutions maintaining a principal office or a trust office in the county wherein the principal office of the proposed state trust company is to be located.
(b) At the expense of the organizers, the commissioner shall investigate the application and inquire into the identity and character of each proposed director, officer, and principal shareholder. The commissioner shall prepare a written report of the investigation, and any person may request a copy of the nonconfidential portions of the application and written report as provided by the Freedom of Information Act of 1967, § 25-19-101 et seq. Rules adopted under this chapter may specify the confidential or nonconfidential character of information obtained by the State Bank Department under this section. Except as provided in rules regarding confidential information, the financial statement of a proposed officer, director, or principal shareholder is confidential and not subject to public disclosure.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-107
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 23-51-107. This identifies an authority to review, not proof of applicability.