§ 23-51-189. Notice and opportunity for hearing
Consistent with the Arkansas Administrative Procedure Act, § 25-15-201 et seq., notice and opportunity for hearing shall be provided before any of the foregoing actions shall be undertaken by the Bank Commissioner. Provided, however, in cases involving extraordinary circumstances requiring immediate action, the commissioner may take such an action, but shall promptly afford a subsequent […]
§ 23-51-190. Subpoena power and examination under oath
The Bank Commissioner shall have the power to subpoena witnesses, compel their attendance, require the production of evidence, administer oaths, and examine any person under oath in connection with any subject related to a duty imposed or a power vested in the commissioner.
§ 23-51-191. Removal of directors, officers, and employees
Consistent with § 23-51-189, the Bank Commissioner shall have the right, and is hereby empowered, to require the immediate removal from office of any officer, director, or employee of any authorized trust institution who shall be found to be dishonest, incompetent, or reckless in the management of the affairs of the authorized trust institution or […]
§ 23-51-192. Delegation and fiduciary responsibility
(a) Any person acting as a trustee or as any other fiduciary under the laws of this state may delegate any investment, management, or administrative function if the person exercises reasonable care, judgment, and caution in: (1) Selecting the delegate, taking into account the delegate’s financial standing and reputation; (2) Establishing the scope and other […]
§ 23-51-193. Affiliates
(a) Any person acting as a trustee or in any other fiduciary capacity under § 23-51-192 may hire and compensate, as a delegate, an affiliate of the person if: (1) Authorized by a trust or fiduciary instrument; (2) Authorized by court order; (3) Authorized in writing by each affected client; or (4) The standards of […]
§ 23-51-194. Fee determination
The compensation arrangement between a client and any person acting as a trustee or as any other fiduciary pursuant to this chapter shall be at arm’s length and any compensation pursuant to such an arrangement shall be a reasonable amount with respect to the services rendered.
§ 23-51-195. Disclosure of potential conflicts of interest
Any company, proposing to act as a trustee or in any other fiduciary capacity pursuant to a written agreement to be entered into with a prospective client after August 1, 1997, which company has any potential or actual conflict of interest which may reasonably be expected to have an impact on the independence or judgment […]
§ 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 […]
§ 23-51-197. Designation of trustee
Any person residing in this state may designate any trust institution to act as a fiduciary on behalf of the person.
§ 23-51-198. Choice of law governing trusts
Any trust institution that maintains a trust office in this state and its affected clients may designate either this state, a state where affected clients reside, or the state where the trust institution has its principal office as the state whose laws shall govern any written agreement between the trust institution and its client or […]