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23-51-179. Conditions for approval.
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-51-179
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f43272667de69b2ba4b2ab4bf7069ff56c37d344725964ebf5e14fe6df41ba05
Source location: content.xml paragraph 26133
Stored source content
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 additional time for analysis. If the period of review is extended, the out-of-state trust institution may establish the office only on prior written approval by the commissioner.
(d) The commissioner may deny approval of the office if the commissioner finds that the notificant lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office is contrary to the public interest. In acting on the notice, the commissioner shall consider the views of the appropriate bank supervisory agencies.
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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.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-110. Required capital.
(a) The Bank Commissioner may not issue a charter to a state trust company having required capital of less than one million dollars ($1,000,000), except as provided in subsection (b) of this section.
(b) The commissioner may require additional capital for a proposed or existing state trust company or, on application in the exercise of discretion consistent with protecting safety and soundness, reduce the amount of minimum capital required for a proposed or existing state trust company, if the commissioner finds the condition and operations of an existing state trust company or the proposed scope or type of operations of a proposed state trust company requires additional, or permits reduced, capital consistent with the safety and soundness of the state trust company. The safety and soundness factors to be considered by the commissioner in the exercise of such discretion include but are not limited to,
(1) The nature and type of business conducted;
(2) The nature and degree of liquidity in assets held in a corporate capacity;
(3) The amount of fiduciary assets under management;
(4) The type of fiduciary assets held and the depository of the assets;
(5) The complexity of fiduciary duties and degree of discretion undertaken;
(6) The competence and experience of management;
(7) The extent and adequacy of internal controls;
(8) The presence or absence of annual unqualified audits by an independent certified public accountant;
(9) The reasonableness of business plans for retaining or acquiring additional capital; and
(10) The existence and adequacy of insurance obtained or held by the trust company for the purpose of protecting its clients, beneficiaries and grantors.
(c) The proposed effective date of an order requiring a
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-110
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 23-51-110. This identifies an authority to review, not proof of applicability.
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
4-27-1501. Authority to transact business required.
(a) A foreign corporation may not transact business in this state until it obtains a certificate of authority from the Secretary of State.
(b) The following activities, among others, do not constitute transacting business within the meaning of subsection (a) of this section:
(1) Maintaining, defending, or settling any proceeding;
(2) Holding meetings of the board of directors or shareholders, or carrying on other activities concerning internal corporate affairs;
(3) Maintaining bank accounts;
(4) Maintaining offices or agencies for the transfer, exchange, and registration of the corporation's own securities or maintaining trustees or depositaries with respect to those securities;
(5) Selling through independent contractors;
(6) Soliciting or obtaining orders, whether by mail or through employees or agents or otherwise, if the orders require acceptance outside this state before they become contracts;
(7) Creating or acquiring indebtedness, mortgages, and security interests in real or personal property;
(8) Securing or collecting debts or enforcing mortgages and security interests in property securing the debts;
(9) Owning, without more, real or personal property;
(10) Conducting an isolated transaction that is completed within thirty (30) days and that is not one in the course of repeated transactions of a like nature;
(11) Transacting business in interstate commerce.
(c) The list of activities in subsection (b) of this section is not exhaustive.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-27-1501
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 4-27-1501. This identifies an authority to review, not proof of applicability.