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23-51-154. Authority to purchase assets of another trust institution.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-154. Authority to purchase assets of another trust institution.
(a) Subject to the provisions of this section, a state trust company may purchase assets of another state trust company or trust-related assets of another trust institution, including the right to control accounts established with the trust institution. Except as otherwise expressly provided by this chapter or any other applicable statutes, the purchase of all or part of the assets of the trust institution does not make the purchasing state trust company responsible for any liability or obligation of the selling trust institution that is not expressly assumed by the purchasing state trust company. Except as otherwise provided by this chapter, this chapter does not govern or prohibit the purchase by a trust institution of all or part of the assets of a corporation or other entity that is not a trust institution.
(b) An application in the form required by the Bank Commissioner must be filed with the commissioner for any acquisition of all or substantially all of (i) the assets of a state trust company or (ii) the trust assets of another trust institution by a state trust company. The commissioner shall investigate the condition of the purchaser and seller and may require the submission of additional information as considered necessary to make an informed decision. The commissioner shall approve the purchase if:
(1) The acquiring state trust company will be solvent, not in a hazardous condition and have sufficient capitalization for its business and location;
(2) The acquiring state trust company has complied with all applicable statutes and rules, including without limitation any applicable requirements of §§ 23-51-178 and 23-51-179;
(3) All fiduciary obligations and liabilities of the parties
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-154
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:23-51-154
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b179a4a02101e88b0133bc211f4b84a11ee4d51d3bb987b84070b2de72b36d71
Source location: content.xml paragraph 25919
Stored source content
23-51-154. Authority to purchase assets of another trust institution.
(a) Subject to the provisions of this section, a state trust company may purchase assets of another state trust company or trust-related assets of another trust institution, including the right to control accounts established with the trust institution. Except as otherwise expressly provided by this chapter or any other applicable statutes, the purchase of all or part of the assets of the trust institution does not make the purchasing state trust company responsible for any liability or obligation of the selling trust institution that is not expressly assumed by the purchasing state trust company. Except as otherwise provided by this chapter, this chapter does not govern or prohibit the purchase by a trust institution of all or part of the assets of a corporation or other entity that is not a trust institution.
(b) An application in the form required by the Bank Commissioner must be filed with the commissioner for any acquisition of all or substantially all of (i) the assets of a state trust company or (ii) the trust assets of another trust institution by a state trust company. The commissioner shall investigate the condition of the purchaser and seller and may require the submission of additional information as considered necessary to make an informed decision. The commissioner shall approve the purchase if:
(1) The acquiring state trust company will be solvent, not in a hazardous condition and have sufficient capitalization for its business and location;
(2) The acquiring state trust company has complied with all applicable statutes and rules, including without limitation any applicable requirements of §§ 23-51-178 and 23-51-179;
(3) All fiduciary obligations and liabilities of the parties have been properly discharged or otherwise assumed by the acquiring state trust company;
(4) All conditions imposed by the commissioner have been satisfied or otherwise resolved; and
(5) All fees and costs have been paid.
(c) A purchase requiring an application pursuant to subsection (b) of this section is effective on the date of approval, unless the purchase agreement provides for, and the commissioner consents to, a different effective date.
(d) The acquiring state trust company shall succeed by operation of law to all of the rights, privileges and obligations of the selling trust institution under each account included in the assets acquired.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-178. Requirement of notice.
An out-of-state trust institution desiring to establish and maintain a new trust office or acquire and maintain a trust office in this state pursuant to this chapter shall provide, or cause its home state regulator to provide, written notice of the proposed transaction to the Bank Commissioner on or after the date on which the out-of-state trust institution applies to the home state regulator for approval to establish and maintain or acquire the trust office. The filing of the notice shall be preceded or accompanied by a copy of the resolution adopted by the board authorizing the additional office and the filing fee, if any, prescribed by the commissioner.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-178
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 23-51-178. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-179. Conditions for approval.
(a) No trust office of an out-of-state trust institution may be acquired or established in this state under this chapter unless:
(1) The out-of-state trust institution shall have confirmed in writing to the Bank Commissioner that for as long as it maintains a trust office in this state, it will comply with all applicable laws of this state;
(2) The notificant shall have provided satisfactory evidence to the commissioner of compliance with any applicable requirements of § 4-27-1501 et seq. and the applicable requirements of its home state regulator for acquiring or establishing and maintaining the office;
(3) The commissioner, acting within sixty (60) days after receiving notice under § 23-51-178, shall have certified to the home state regulator that the requirements of this chapter have been met and the notice has been approved or, if applicable, that any conditions imposed by the commissioner pursuant to subsection (b) of this section have been satisfied.
(b) The out-of-state trust institution may commence business at the trust office sixty (60) days after the date the commissioner receives the notice unless the commissioner specifies another date, provided, with respect to an out-of-state trust institution that is not a depository institution and for which the commissioner shall have conditioned such approval on the satisfaction by the notificant of any requirement applicable to a state trust company pursuant to § 23-51-106(b) or § 23-51-110, the institution shall have satisfied such conditions and provided to the commissioner satisfactory evidence thereof.
(c) The sixty-day period of review may be extended by the commissioner on a determination that the written notice raises issues that require additional information or
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-179
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 23-51-179. This identifies an authority to review, not proof of applicability.