Browse Arkansas Code titles and sections
23-51-165. Companies authorized to act as fiduciaries.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-165. Companies authorized to act as fiduciaries.
(a) A company shall not act as a fiduciary in this state except:
(1) A state trust company;
(2) A state bank;
(3) An association organized under the laws of this state and authorized to act as a fiduciary under § 23-37-101 et seq.;
(4) A national bank having its principal office in this state and authorized by the United States Comptroller of the Currency to act as a fiduciary under 12 U.S.C. § 92a;
(5) A federally chartered savings association having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary;
(6) A subsidiary trust company authorized to act as a fiduciary under § 23-47-801 et seq.;
(7) An out-of-state bank with a branch in this state established or maintained under the Arkansas Interstate Banking and Branching Act, § 23-48-901 et seq., or a trust office licensed by the Bank Commissioner under this chapter;
(8) An out-of-state trust company with a trust office licensed by the commissioner under this chapter; or
(9) A foundation.
(b) A company shall not engage in an unauthorized trust activity.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-165
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:23-51-165
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 165f34811df6ea9a202a4ae9655aa96c44feb005e773c52d8e3e65085b311f69
Source location: content.xml paragraph 26011
Stored source content
23-51-165. Companies authorized to act as fiduciaries.
(a) A company shall not act as a fiduciary in this state except:
(1) A state trust company;
(2) A state bank;
(3) An association organized under the laws of this state and authorized to act as a fiduciary under § 23-37-101 et seq.;
(4) A national bank having its principal office in this state and authorized by the United States Comptroller of the Currency to act as a fiduciary under 12 U.S.C. § 92a;
(5) A federally chartered savings association having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary;
(6) A subsidiary trust company authorized to act as a fiduciary under § 23-47-801 et seq.;
(7) An out-of-state bank with a branch in this state established or maintained under the Arkansas Interstate Banking and Branching Act, § 23-48-901 et seq., or a trust office licensed by the Bank Commissioner under this chapter;
(8) An out-of-state trust company with a trust office licensed by the commissioner under this chapter; or
(9) A foundation.
(b) A company shall not engage in an unauthorized trust activity.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authority of Comptroller of the Currency** The Comptroller of the Currency shall be authorized and empowered to grant by special permit to national banks applying therefor, when not in contravention of State or local law, the right to act as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, or in any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located.
**(b) Grant and exercise of powers deemed not in contravention of State or local law** Whenever the laws of such State authorize or permit the exercise of any or all of the foregoing powers by State banks, trust companies, or other corporations which compete with national banks, the granting to and the exercise of such powers by national banks shall not be deemed to be in contravention of State or local law within the meaning of this section.
**(c) Segregation of fiduciary and general assets; separate books and records; access of State banking authorities to reports of examinations, books, records, and assets** National banks exercising any or all of the powers enumerating 11 So in original. Probably should be “enumerated”. in this section shall segregate all assets held in any fiduciary capacity from the general assets of the bank and shall keep a separate set of books and records showing in proper detail all transactions engaged in under authority of this section. The State banking authorities may have access to reports of examination made by the Comptroller of the Currency insofar as such reports relate to the trust department of such bank, but nothing in this section shall be construed as
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 92a
Stored review status: release_metadata_unconfirmed. The source passage cites 12 U.S.C. § 92a. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 50
TITLE 12—BANKS AND BANKING
§ 92a
1 So in original. Probably should be ‘‘enumerated’’.
of section 13 now constitute the ninth to twelfth pars.
The ninth par. amended former section 82 of this title,
and the tenth to twelfth pars. are classified to sections
361, 92, and 373, respectively, of this title.
AMENDMENTS
1982—Pub. L. 97–320 struck out ‘‘; and may also act as
the broker or agent for others in making or procuring
loans on real estate located within one hundred miles
of the place in which said bank may be located, receiv-
ing for such services a reasonable fee or commission’’
after ‘‘may act as agent’’ and ‘‘guarantee either the
principal or interest of any such loans or’’ after ‘‘shall
in any case’’.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1982 AMENDMENT
Amendment by Pub. L. 97–320 effective upon the expi-
ration of 180 days after Oct. 15, 1982, see section 403(c)
of Pub. L. 97–320, set out as a note under section 371 of
this title.
MORATORIUM
Pub. L. 100–86, title II, § 201(a), (b)(5), Aug. 10, 1987, 101
Stat. 581, 583, provided that, during period beginning
Mar. 6, 1987, and ending Mar. 1, 1988, national banks and
Federal branches or agencies of foreign banks could not
expand their insurance agency activities pursuant to
this section into places where they were not conducting
such activities as of Mar. 5, 1987.
§ 92a. Trust powers
(a) Authority of Comptroller of the Currency
The Comptroller of the Currency shall be au-
thorized and empowered to grant by special per-
mit to national banks applying therefor, when
not in contravention of State or local law, the
right to act as trustee, executor, administrator,
registrar of stocks and bonds, guardian of es-
tates, assignee, receiver, or in any other fidu-
cia
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 92a
Stored review status: historical_2024_not_currentness_verified. The source passage cites 12 U.S.C. § 92a. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-37-101. Definitions.
(a) As used in this chapter, unless the context otherwise requires:
(1) “Association” means a corporation carrying on the business of a savings and loan association or a building and loan association under a charter issued by the State of Arkansas;
(2) “Board” means the Savings and Loan Association Board [abolished] duly appointed and acting pursuant to the terms of this chapter;
(3) “Broker” means a person, firm, or corporation who acts for or on behalf of any foreign savings and loan association or its agents, in soliciting or receiving applications for or funds for a savings account in any foreign savings and loan association;
(4) “Federal association” means a savings and loan association incorporated pursuant to the Home Owners’ Loan Act of 1933, whose principal business office is located within the territorial limits of this state;
(5) “Foreign association” means an association chartered under the laws of another state or a federal association organized in another state, but does not mean a federal association organized in this state;
(6) “Mutual association” means an association that does not have issued an outstanding permanent capital stock and whose affairs are managed by a board of directors elected by the members;
(7) “Savings account” means that part of the savings liability of an association which is credited to a member by reason of the investment of funds in the association other than permanent capital stock;
(8) “Stock association” means an association that has issued an outstanding permanent capital stock and whose affairs are managed by a board of directors elected by the holders of the permanent capital stock; and
(9) “Supervisor” means the Supervisor of Savings and Loan Associations acting and appointed pur
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-37-101
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 23-37-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-47-801. Definitions.
For purposes of this subchapter, “affiliated bank” means a bank, having authority to conduct trust business and business incidental to trust business within this state, more than fifty percent (50%) of the voting stock of which is owned directly or indirectly by:
(1) The same bank holding company that owns, directly or indirectly, more than fifty percent (50%) of the voting stock of a subsidiary trust company or national trust company; or
(2) The same five (5) or fewer persons who are individuals, estates, or trusts that own directly or indirectly more than fifty percent (50%) of the voting stock of the bank holding company described in subdivision (1) of this section, taking into account the stock ownership of each such person only to the extent the ownership is identical with respect to each of the bank and the bank holding company.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-47-801
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 23-47-801. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-48-901. [Repealed.]
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-48-901
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: repealed. The source passage cites 23-48-901. This identifies an authority to review, not proof of applicability.