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23-63-834. Cancellation of treasury stock.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-834. Cancellation of treasury stock.
(a) By resolution of its board of directors, any legal reserve life insurance company may cancel at any time all or any part of its treasury shares.
(b)(1) In such an event, a statement of cancellation shall be filed as provided in this section.
(2) Any statement of cancellation shall be executed and filed in accordance with the provisions of § 23-69-107(c), shall be verified by one (1) of the officers signing the statement, and shall set forth:
(A) The name of the insurance company;
(B) The number of treasury shares cancelled by resolution duly adopted by the board of directors, itemized by classes and series, and the date of its adoption;
(C) The aggregate number of issued shares, itemized by classes and series, after giving effect to the cancellation;
(D) The amount, expressed in dollars, of the paid-up capital of the insurance company, after giving effect to the cancellation; and
(E) A copy of the resolution effecting the cancellation.
(3) When a statement of cancellation is filed in accordance with § 23-69-107(c), the paid-up capital of the insurance company shall be deemed to be reduced by that part of the paid-up capital which was, at the time of the cancellation, represented by the shares so cancelled, and the shares so cancelled shall be restored to the status of authorized but unissued shares.
(c) Nothing contained in this section shall be construed to forbid a cancellation of shares or a reduction of stated capital in any other manner permitted by § 23-69-107.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-834
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:23-63-834
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d3ab16ca6d89a990196ae506774ab3a0be7a359c055d02767c2acaf37de12ef6
Source location: content.xml paragraph 32692
Stored source content
23-63-834. Cancellation of treasury stock.
(a) By resolution of its board of directors, any legal reserve life insurance company may cancel at any time all or any part of its treasury shares.
(b)(1) In such an event, a statement of cancellation shall be filed as provided in this section.
(2) Any statement of cancellation shall be executed and filed in accordance with the provisions of § 23-69-107(c), shall be verified by one (1) of the officers signing the statement, and shall set forth:
(A) The name of the insurance company;
(B) The number of treasury shares cancelled by resolution duly adopted by the board of directors, itemized by classes and series, and the date of its adoption;
(C) The aggregate number of issued shares, itemized by classes and series, after giving effect to the cancellation;
(D) The amount, expressed in dollars, of the paid-up capital of the insurance company, after giving effect to the cancellation; and
(E) A copy of the resolution effecting the cancellation.
(3) When a statement of cancellation is filed in accordance with § 23-69-107(c), the paid-up capital of the insurance company shall be deemed to be reduced by that part of the paid-up capital which was, at the time of the cancellation, represented by the shares so cancelled, and the shares so cancelled shall be restored to the status of authorized but unissued shares.
(c) Nothing contained in this section shall be construed to forbid a cancellation of shares or a reduction of stated capital in any other manner permitted by § 23-69-107.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-69-107. Articles of incorporation — Amendment.
(a) A domestic stock insurer may amend its articles of incorporation for any lawful purpose by written authorization of the holders of a majority of the voting power of its outstanding capital stock or by affirmative vote of a majority voting at a lawful meeting of stockholders of which the notice given to stockholders included due notice of the proposal to amend.
(b) A domestic mutual insurer may amend its articles of incorporation for any lawful purpose by affirmative vote of a majority of those of its members present or represented by proxy at a lawful meeting of its members of which the notice given members included due notice of the proposal to amend.
(c)(1) Upon adoption of an amendment, the insurer shall make in duplicate under its corporate seal a certificate, sometimes referred to as “articles of amendment”, setting forth the amendment and the date and manner of the adoption thereof. The certificate shall be executed by the insurer's president or vice president and secretary or assistant secretary and acknowledged by them before an officer authorized by law to take acknowledgments of deeds.
(2) The insurer shall deliver to the Insurance Commissioner the duplicate originals of the certificate, together with the filing fee specified therefor in § 23-61-401 or by rule and regulation.
(3) If he or she finds that the certificate and amendments comply with law, the commissioner shall endorse his or her approval upon each of the duplicate originals, place one (1) set on file in his or her office, and return the remaining set to the insurer for its corporate records.
(4) The amendment shall be effective when the commissioner has endorsed his or her approval on the certificate of amendment and placed it on fi
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-69-107
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 23-69-107. This identifies an authority to review, not proof of applicability.