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23-51-164. Application of Arkansas Banking Code of 1997.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-164. Application of Arkansas Banking Code of 1997.
When the Bank Commissioner, or duly appointed agent, shall take possession of any state trust company under § 23-51-162 or § 23-51-163, the commissioner or agent shall proceed with the dissolution and liquidation of the state trust company under the procedures established for the dissolution and liquidation of state banks under the Arkansas Banking Code of 1997.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-164
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:23-51-164
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b9ed1db89beeb1aff5510aee9f10b9d20d5c3461050394b8b7bbbc3a801283ec
Source location: content.xml paragraph 26003
Stored source content
23-51-164. Application of Arkansas Banking Code of 1997.
When the Bank Commissioner, or duly appointed agent, shall take possession of any state trust company under § 23-51-162 or § 23-51-163, the commissioner or agent shall proceed with the dissolution and liquidation of the state trust company under the procedures established for the dissolution and liquidation of state banks under the Arkansas Banking Code of 1997.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-162. When commissioner may take charge.
The Bank Commissioner may forthwith take possession of the business and property of any state trust company to which this chapter is applicable whenever it shall appear that the state trust company:
(1) Has violated its charter or any laws applicable thereto;
(2) Is conducting its business in an unauthorized or unsafe manner;
(3) Is in an unsafe or unsound condition to transact its business;
(4) Has an impairment of its capital;
(5) Is in a hazardous condition;
(6) Has become otherwise insolvent;
(7) Has neglected or refused to comply with the terms of a duly issued lawful order of the commissioner;
(8) Has refused, upon proper demand, to submit its records, affairs, and concerns for inspection and examination of a duly appointed or authorized examiner of the commissioner;
(9) Is employing officers who have refused to be examined upon oath regarding its affairs; or
(10) Has made a voluntary assignment of its assets to trustees.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-162
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 23-51-162. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-163. Directors may act.
Any state trust company may place its assets and business under the control of the Bank Commissioner for liquidation by a resolution of a majority of its directors or members upon notice to the commissioner, and, upon taking possession of the state trust company, the commissioner, or duly appointed agent, shall retain possession thereof until the state trust company shall be authorized by the commissioner to resume business or until the affairs of the state trust company shall be fully liquidated as herein provided. No state trust company shall make any general assignment for the benefit of its creditors except by surrendering possession of its assets to the commissioner, as herein provided. Whenever any state trust company for any reason shall suspend operations for any length of time, the state trust company shall, immediately upon the suspension of operations, be deemed in the possession of the commissioner and subject to liquidation hereunder.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-163
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 23-51-163. This identifies an authority to review, not proof of applicability.