23-51-196. Interests in trust institutions prohibited.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-51-196. Interests in trust institutions prohibited.

23-51-196. Interests in trust institutions prohibited. (a) Neither the Bank Commissioner nor any employee or officer of the State Bank Department who participates in the examination of a trust institution, or who may be called upon to make an official decision or determination affecting the operation of a trust institution, shall be an officer, director, attorney, owner, or holder of stock in any state trust company, or any company which owns or controls a state trust company, or receive, directly or indirectly, any payment or gratuity from any such organizations. A person subject to this section may not borrow money from a state trust company. (b) A person subject to this section may: (1) Be a depositor in any trust institution that the department regulates; and (2) Purchase trust or fiduciary services, other than credit services, under rates and terms generally available to other customers of the trust institution.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-196

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.