(a) In this chapter, “state trust company facility” means real estate, including an improvement, owned, or leased to the extent the lease or the leasehold improvements are capitalized, by a state trust company for the purpose of: (1) Providing space for state trust company employees to perform their duties and space for parking by state […]
(a) A state trust company may not acquire real estate except: (1) As permitted by § 23-51-121 or as otherwise provided by this chapter, including rules adopted under this chapter; (2) If necessary to avoid or minimize a loss on a loan or investment previously made in good faith; or (3) With the prior written […]
(a) A state trust company may invest its corporate funds in any type or character of equity or investment securities subject to the limitations provided by this section. (b) Unless the Bank Commissioner approves maintenance of a lesser amount in writing, a state trust company must invest and maintain an amount equal to not less […]
(a) A state trust company may acquire its own shares if: (1) The amount of its undivided profits is sufficient to fully absorb the acquisition of the shares under regulatory accounting principles; and (2) The state trust company obtains the prior written approval of the Bank Commissioner. (b) A state trust company shall not make […]
(a) Except as otherwise provided by this chapter or rules adopted under this chapter, a state trust company may acquire or establish a subsidiary to conduct any activity that may lawfully be conducted through the form of organization chosen for the subsidiary. (b) A state trust company may not invest more than an amount equal […]
(a) A state trust company may invest for its own account in equity securities of an investment company registered under the Investment Company Act of 1940, 15 U.S.C. Sec. 80a-1 et seq., and the Securities Act of 1933, 15 U.S.C. Sec. 77a et seq., if the portfolio of the investment company consists wholly of investments […]
Except as otherwise provided by this chapter or rules adopted under this chapter, a state trust company may not invest its funds in trade or commerce by buying, selling, or otherwise dealing in goods or by owning or operating a business not part of the state trust business, except as necessary to fulfil a fiduciary […]
(a) A state trust company’s total outstanding loans and extensions of credit to a person other than an insider may not exceed an amount equal to twenty percent (20%) of the state trust company’s capital base. (b) The aggregate loans and extensions of credit outstanding at any time to insiders of the state trust company […]
(a) Subject to rules adopted under this chapter, a state trust company may become the owner and lessor of tangible personal property for lease financing transactions on a net lease basis on the specific request and for the use of a client. Without the written approval of the Bank Commissioner to continue holding property acquired […]
(a) A state trust company may deposit trust funds with itself as an investment if authorized by the settlor or the beneficiary, provided: (1) It maintains as security for the deposits a separate fund of securities, legal for trust investments, under control of a federal reserve bank or other entity approved by the Bank Commissioner, […]
(a) A state trust company may establish common trust funds to provide investment to itself as a fiduciary. (b) The Bank Commissioner may adopt rules to administer and carry out this section, including but not limited to rules to establish investment and participation limitations, disclosure of fees, audit requirements, limit or expand investment authority for […]
Except with the prior written approval of the Bank Commissioner, a state trust company may not have liabilities outstanding exceeding an amount equal to three times its capital base.
A state trust company may not pledge or create a lien on any of its assets except to secure the repayment of money borrowed or as specifically authorized or required by § 23-51-130, or by rules adopted under this chapter. An act, deed, conveyance, pledge, or contract in violation of this section is void.
(a) Except as expressly otherwise permitted, a person may not without the prior written approval of the Bank Commissioner directly or indirectly acquire control of a state trust company through a change in a legal or beneficial interest in voting securities of a state trust company or a corporation or other entity owning voting securities […]
(a) The proposed transferee seeking approval to acquire control of a state trust company or a person that controls a state trust company must file with the Bank Commissioner: (1) An application in the form prescribed by the commissioner; (2) The filing fee in an amount not less than one thousand five hundred dollars ($1,500) […]
(a) Not later than sixty (60) days after the application is officially filed, the Bank Commissioner may approve the application or set the application for hearing. If the commissioner sets a hearing, the commissioner shall conduct a hearing as he or she considers advisable and consistent with governing statutes and rules. (b) Based on the […]
(a) (1) If a hearing has been held, the Bank Commissioner has entered an order denying the application, and the order has become final, the proposed transferee may appeal the final order by filing a petition for judicial review under the Arkansas Administrative Procedure Act, § 25-15-201 et seq. (2) The time for filing such […]
This chapter may not be construed to prevent the Bank Commissioner from investigating, commenting on, or seeking to enjoin or set aside a transfer of voting securities that evidence a direct or indirect interest in a state trust company, regardless of whether the transfer is included within this chapter, if the commissioner considers the transfer […]
(a) The Bank Commissioner may bring any appropriate civil action against any person who the commissioner believes has committed or is about to commit a violation of this chapter or a rule or order of the commissioner pertaining to this chapter. (b) A person who knowingly fails or refuses to file the application required by […]
(a) Voting securities of a state trust company held by the state trust company in a fiduciary capacity under a will or trust, whether registered in its own name or in the name of its nominee, may not be voted in the election of directors or managers or on a matter affecting the compensation of […]
