§ 23-48-501 — Definitions

As used in this subchapter: (1) "Converting bank" means a state bank converting to a national bank, a national bank converting to a state bank, or a savings and loan association converting to a state bank; (2) "Dissenters' rights" means the rights of dissenting stockholders specified in § 23-48-506 ; (3) "Interstate merger transaction" means: (A) The merger or consolidation of banks with different home states and the conversion of branches of any bank involved in the merger or consolidation into branches of the resulting bank; or (B) The purchase of all or substantially all of the assets, including all or substantially all of the branches and the assumption of all or substantially all of the liabilities of a bank whose home state is different from the home state of the acquiring bank; (4) "Merger" includes consolidation in all sections of this subchapter except § 23-48-509 ; (5) "Purchase or assumption" means the purchase by a state bank of over fifty percent (50%) of the assets of another depository institution, or the assumption by a state bank of over fifty percent (50%) of the liabilities of another depository institution; (6) "Resulting bank" means: (A) One (1) or more banks created from a merger or conversion; or (B) The bank purchasing over fifty percent (50%) of the assets or assuming over fifty percent (50%) of the liabilities of another depository institution in a purchase or assumption transaction or an interstate merger transaction; and (7) "Wholly owned Arkansas bank holding company" means a "bank holding company", as that term is defined in § 23-45-102 , incorporated under the laws of the State of Arkansas, all of the outstanding shares of each class of the capital stock of which are owned by a single individual or entity.

Legislative History

Acts 1997, No. 89, § 1; 1997, No. 408, § 12; 2007, No. 170, § 1.