Arkansas § 23-48-505 Merger of state bank into an out-of-state state-chartered bank

Arkansas Statutes

§ 23-48-505 — Merger of state bank into an out-of-state state-chartered bank

Arkansas § 23-48-505

Title23

This text of Arkansas § 23-48-505 (Merger of state bank into an out-of-state state-chartered bank) 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. § 23-48-505 (2026).

Text

(a)Subject to the provisions of this subchapter and provided that no Arkansas bank which is a party to the merger has a de novo charter, a state bank may merge into an out-of-state bank.

(b)The action to be taken by a merging state bank and its rights and liabilities and those of its shareholders shall be the same as those prescribed for the out-of-state state-chartered banks, at the time of the action, by the laws of the home state of the out-of-state state-chartered bank, and not by the law of this state, except that:

(1)The assenting vote of the holders of a simple majority of each class of voting stock of a state bank shall be required for the merger; and (2) Upon the merger of a state bank into an out-of-state state-chartered bank, the stockholders of the state bank shall have diss

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(a) Subject to the provisions of this subchapter and provided that no Arkansas bank which is a party to the merger has a de novo charter, a state bank may merge into an out-of-state bank. (b) The action to be taken by a merging state bank and its rights and liabilities and those of its shareholders shall be the same as those prescribed for the out-of-state state-chartered banks, at the time of the action, by the laws of the home state of the out-of-state state-chartered bank, and not by the law of this state, except that: (1) The assenting vote of the holders of a simple majority of each class of voting stock of a state bank shall be required for the merger; and (2) Upon the merger of a state bank into an out-of-state state-chartered bank, the stockholders of the state bank shall have dissenters' rights. (c) The merger shall only be consummated after compliance with all applicable provisions of § 23-48-901 et seq. (d) Upon the completion of the merger, the charter of any merging state bank shall automatically terminate.