Browse Arkansas Code titles and sections
23-51-116. Change in outstanding capital and surplus.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-116. Change in outstanding capital and surplus.
(a) A state trust company may not reduce or increase its outstanding capital through dividend, redemption, issuance of shares or otherwise, without the prior approval of the Bank Commissioner, except as permitted by this section or rules adopted under this chapter.
(b) Unless otherwise restricted by rules, prior approval is not required for an increase in capital accomplished through:
(1) Issuance of shares of common stock for cash;
(2) Declaration and payment of pro rata share dividends as defined in the Arkansas Business Corporation Act, § 4-27-101 et seq.; or
(3) Adoption by the board of a resolution directing that all or part of undivided profits be transferred to capital.
(c) Prior approval is not required for a decrease in surplus caused by incurred losses in excess of undivided profits.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-116
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:23-51-116
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 6345459053afd08f20c79718fed79bd048971f8bb0411680b0706cb0c7234019
Source location: content.xml paragraph 25468
Stored source content
23-51-116. Change in outstanding capital and surplus.
(a) A state trust company may not reduce or increase its outstanding capital through dividend, redemption, issuance of shares or otherwise, without the prior approval of the Bank Commissioner, except as permitted by this section or rules adopted under this chapter.
(b) Unless otherwise restricted by rules, prior approval is not required for an increase in capital accomplished through:
(1) Issuance of shares of common stock for cash;
(2) Declaration and payment of pro rata share dividends as defined in the Arkansas Business Corporation Act, § 4-27-101 et seq.; or
(3) Adoption by the board of a resolution directing that all or part of undivided profits be transferred to capital.
(c) Prior approval is not required for a decrease in surplus caused by incurred losses in excess of undivided profits.
Cross-references
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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.