§ 23-46-304 — Powers of State Banking Board - Filings with Bank Commissioner

Arkansas § 23-46-304

• Jurisdiction: Arkansas
• Title: 23

Text

(a) In addition to all other powers conferred by Arkansas law, the State Banking Board shall have the power and duty to: (1) Approve or disapprove all applications for charters for new state banks, except applications for new state bank charters in connection with failed institutions as provided in § 23-48-511 ; (2) Approve or disapprove all applications for the merger or consolidation of one (1) or more banks, out-of-state banks, or savings and loan associations into a state bank; (3) Approve or disapprove all applications for the purchase by one (1) state bank of over fifty percent (50%) of the assets of another depository institution, and all applications for the assumption by one (1) state bank of over fifty percent (50%) of the liabilities of another depository institution; (4) Approve or disapprove all applications by a savings and loan association to convert to a state bank; (5) Approve or disapprove all applications for amendments to the articles of incorporation of an existing state bank; (6) Approve or disapprove all applications for the relocation of a state bank's main office from one (1) municipality to another; (7) Approve or disapprove all rules promulgated by the Bank Commissioner; (8) Authorize a state bank under circumstances in which it is not given authority under state law to participate in any public agency hereinafter created under the laws of this state or of the United States, the purpose of which is to afford advantages or safeguards to banks or trust companies, and to authorize compliance with all requirements and conditions imposed upon the participants; (9) Subpoena witnesses; and (10) Require such clerical and technical assistance as is necessary or appropriate to carry out its duties. (b) Upon the submission to it by the commissioner of each application, the board shall review the results of the commissioner's investigation and make further investigation, if any, that it may deem appropriate to enable it to determine the fitness of the applicants, the need from the public standpoint for the granting of the application, and all other questions, whether or not of like kind with those referred to in this section, which bear directly or indirectly upon the need or desirability from the public standpoint for the granting of the application. (c) (1) Filing with the commissioner of any application or document required by the Arkansas Banking Code of 1997 or by State Bank Department rules shall be public notice of the matters contained in that application or document. (2) The commissioner shall maintain the applications or documents in his or her custody. (3) Upon request, the commissioner shall provide verification of the filing and reasonable access to inspection by the public. (4) Nothing in this section shall be construed to modify the prohibitions upon the disclosure of confidential information contained in § 23-46-101 or the commissioner's authority to issue rules concerning the disclosure of confidential information.

Legislative History

Amended by Act 2019, No. 315,§ 2526, eff. 7/24/2019. Acts 1997, No. 89, § 1; 1997, No. 408, § 4.