Arkansas § 23-48-1009 Grounds for revocation

Arkansas Statutes

§ 23-48-1009 — Grounds for revocation

Arkansas § 23-48-1009

Title23

This text of Arkansas § 23-48-1009 (Grounds for revocation) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 23-48-1009 (2026).

Text

The Bank Commissioner may commence a proceeding under § 23-48-1010 to revoke the certificate of authority of a registered out-of-state bank if:

(1)The out-of-state bank does not deliver its annual franchise tax report to the Secretary of State within sixty (60) days after it is due;

(2)The out-of-state bank does not pay within sixty (60) days after they are due any franchise taxes or penalties imposed by this chapter or other law;

(3)The out-of-state bank is without a registered agent or registered office in this state for sixty (60) days or more;

(4)The out-of-state bank does not inform the commissioner under § 23-48-1005 or § 23-48-1006 that its registered agent or registered office has changed, that its registered agent has resigned, or that its registered office has been discontinu

Free access — add to your briefcase to read the full text and ask questions with AI

The Bank Commissioner may commence a proceeding under § 23-48-1010 to revoke the certificate of authority of a registered out-of-state bank if: (1) The out-of-state bank does not deliver its annual franchise tax report to the Secretary of State within sixty (60) days after it is due; (2) The out-of-state bank does not pay within sixty (60) days after they are due any franchise taxes or penalties imposed by this chapter or other law; (3) The out-of-state bank is without a registered agent or registered office in this state for sixty (60) days or more; (4) The out-of-state bank does not inform the commissioner under § 23-48-1005 or § 23-48-1006 that its registered agent or registered office has changed, that its registered agent has resigned, or that its registered office has been discontinued within sixty (60) days of the change, resignation, or discontinuance; (5) The out-of-state bank or an officer, director, or employee thereof is found to be violating federal banking laws or regulations, violating the banking laws of this state or department rules, violating any regulatory agreement, or jeopardizing the safety and soundness of the out-of-state bank; (6) An incorporator, director, officer, or agent of the out-of-state bank signed a document he or she knew was false in any material respect with intent that the document be delivered to the commissioner for filing; or (7) The commissioner receives a duly authenticated certificate from the bank supervisory agency or other official having custody of the corporate records of banking institutions in the state or country under whose law the out-of-state bank is chartered stating that it has been dissolved or disappeared as the result of a merger.

Legislative History

Amended by Act 2021, No. 523,§ 12, eff. 4/1/2021. Amended by Act 2019, No. 819,§ 13, eff. 5/1/2021. Amended by Act 2019, No. 315,§ 2555, eff. 7/24/2019. Acts 1997, No. 408, § 20.