Browse Arkansas Code titles and sections
23-51-172. State trust company principal office.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-172. State trust company principal office.
(a) Each state trust company must have and continuously maintain a principal office in this state.
(b) Each executive officer at the principal office is an agent of the state trust company for service of process.
(c) A state trust company may change its principal office to any location within this state by filing a written notice with the Bank Commissioner setting forth the name of the state trust company, the street address of its principal office before the change, the street address to which the principal office is to be changed, and a copy of the resolution adopted by the board authorizing the change.
(d) The change of principal office shall take effect thirty (30) days after the date the commissioner receives the notice pursuant to subsection (c) of this section, unless the commissioner establishes another date or unless prior to that day the commissioner notifies the state trust company that it must establish to the satisfaction of the commissioner that the relocation is consistent with the original determination made under § 23-51-106(b) for the establishment of a state trust company at that location, in which event the change of principal office shall take effect when approved by the commissioner.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-172
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.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:23-51-172
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 98d417fde1711855875ef4827836eadb64db21738ab55eda6b3636a6d536b91d
Source location: content.xml paragraph 26087
Stored source content
23-51-172. State trust company principal office.
(a) Each state trust company must have and continuously maintain a principal office in this state.
(b) Each executive officer at the principal office is an agent of the state trust company for service of process.
(c) A state trust company may change its principal office to any location within this state by filing a written notice with the Bank Commissioner setting forth the name of the state trust company, the street address of its principal office before the change, the street address to which the principal office is to be changed, and a copy of the resolution adopted by the board authorizing the change.
(d) The change of principal office shall take effect thirty (30) days after the date the commissioner receives the notice pursuant to subsection (c) of this section, unless the commissioner establishes another date or unless prior to that day the commissioner notifies the state trust company that it must establish to the satisfaction of the commissioner that the relocation is consistent with the original determination made under § 23-51-106(b) for the establishment of a state trust company at that location, in which event the change of principal office shall take effect when approved by the commissioner.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-106. Application for state trust company charter.
(a) An application for a state trust company charter must be made under oath and in the form required by the Bank Commissioner and must be supported by information, data, records, and opinions of counsel that the commissioner requires. The application must be accompanied by a non-refundable filing fee of not less than three thousand dollars ($3,000) nor more than ten thousand dollars ($10,000) as set by rule of the commissioner and proof of escrow of deposit for the required capital.
(b) The commissioner shall grant a state trust company charter only on proof that one or more viable markets exist within or outside of this state that may be served in a profitable manner by the establishment of the proposed state trust company. In making such a determination, the commissioner shall examine the business plan which shall be submitted as part of the application for a state trust company charter and consider:
(1) The market or markets to be served;
(2) Whether the proposed organizational and capital structure and amount of initial capitalization is adequate for the proposed business and location;
(3) Whether the anticipated volume and nature of business indicates a reasonable probability of success and profitability based on the market sought to be served;
(4) Whether the proposed officers and directors, as a group, have sufficient fiduciary experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the proposed state trust company will operate in compliance with law and that success of the proposed state trust company is probable;
(5) Whether each principal shareholder has sufficient experience, ability, standing, competence, trustworthiness, and integrity to justify
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-106
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 23-51-106. This identifies an authority to review, not proof of applicability.