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23-51-114. Amendment of state trust company articles of association.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-114. Amendment of state trust company articles of association.
(a) A state trust company that has been granted a charter under § 23-51-109 or a predecessor statute may amend or restate its articles of association for any lawful purpose, including the creation of authorized but unissued shares in one or more classes or series.
(b) An amendment authorizing the issuance of shares in series must contain:
(1) The designation of each series and of any variations in the preferences, limitations, and relative rights among series to the extent that the preferences, limitations, and relative rights are to be established in the articles of association; and
(2) A statement of any authority to be vested in the board to establish series and determine the preferences, limitations, and relative rights of each series.
(c) Amendment or restatement of the articles of association of a state trust company and approval of the board and shareholders must be made or obtained in accordance with provisions of the Arkansas Business Corporation Act, § 4-27-101 et seq., for the amendment or restatement of articles of incorporation except as otherwise provided by this chapter or rules adopted under this chapter. The original and one (1) copy of the articles of amendment or restated articles of association must be filed with the Bank Commissioner for approval. Unless the submission presents novel or unusual questions, the commissioner shall approve or reject the amendment or restatement within thirty (30) days after the date the commissioner considers the submission informationally complete and accepted for filing. The commissioner may require the submission of additional information as considered necessary to an informed decision to approve or reject any amendment or restatement or a
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-114
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:23-51-114
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 31cb6bb774fe4f9ad38209b7cc5e249c0a2f28bdc3bd39cd9a6b371388bf8331
Source location: content.xml paragraph 25438
Stored source content
23-51-114. Amendment of state trust company articles of association.
(a) A state trust company that has been granted a charter under § 23-51-109 or a predecessor statute may amend or restate its articles of association for any lawful purpose, including the creation of authorized but unissued shares in one or more classes or series.
(b) An amendment authorizing the issuance of shares in series must contain:
(1) The designation of each series and of any variations in the preferences, limitations, and relative rights among series to the extent that the preferences, limitations, and relative rights are to be established in the articles of association; and
(2) A statement of any authority to be vested in the board to establish series and determine the preferences, limitations, and relative rights of each series.
(c) Amendment or restatement of the articles of association of a state trust company and approval of the board and shareholders must be made or obtained in accordance with provisions of the Arkansas Business Corporation Act, § 4-27-101 et seq., for the amendment or restatement of articles of incorporation except as otherwise provided by this chapter or rules adopted under this chapter. The original and one (1) copy of the articles of amendment or restated articles of association must be filed with the Bank Commissioner for approval. Unless the submission presents novel or unusual questions, the commissioner shall approve or reject the amendment or restatement within thirty (30) days after the date the commissioner considers the submission informationally complete and accepted for filing. The commissioner may require the submission of additional information as considered necessary to an informed decision to approve or reject any amendment or restatement or articles of association under this section.
(d) If the commissioner finds that the amendment or restatement conforms to law and any conditions imposed by the commissioner, and any required filing fee has been paid, the commissioner shall:
(1) Endorse the face of the original and copy with the date of approval and the word “Approved”;
(2) File the original in the State Bank Department's records; and
(3) Deliver a certified copy to the amendment or restatement to the state trust company.
(e) An amendment or restatement, if approved, takes effect on the date of approval, unless the amendment or restatement provides for a different effective date.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-109. Issuance of charter.
(a) A state trust company may not engage in the trust business until it receives its charter from the Bank Commissioner. The commissioner may not deliver the charter until the state trust company has:
(1) Elected or qualified the initial officers and directors named in the application for charter or other officers and directors approved by the commissioner; and
(2) Complied with all other requirements of this chapter relative to the organization of a state trust company.
(b) If a state trust company does not open and engage in the trust business within six (6) months after the date it receives its charter or conditional approval of application for charter, or within such further period as such period may be extended, the commissioner shall revoke the charter or cancel the conditional approval of application for charter without judicial action.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-109
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 23-51-109. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-27-101. Short title.
This chapter shall be known and may be cited as the “Arkansas Business Corporation Act of 1987.”
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-27-101
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 4-27-101. This identifies an authority to review, not proof of applicability.