Arkansas Statutes
§ 23-51-109 — Issuance of charter
Arkansas·Title 23
(a)A state trust company may not engage in the trust business until it receives its charter from the Bank Commissioner. The commissioner may not deliver the charter until the state trust company has:
(1)Elected or qualified the initial officers and directors named in the application for charter or other officers and directors approved by the commissioner; and (2) Complied with all other requirements of this chapter relative to the organization of a state trust company.
(b)If a state trust company does not open and engage in the trust business within six (6) months after the date it receives its charter or conditional approval of application for charter, or within such further period as such period may be extended, the commissioner shall revoke the charter or cancel the conditional appro
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Legislative History
Acts 1997, No. 940, § 9.
Nearby Sections
15
§ 23-1-101
Definitions§ 23-1-103
Compliance with Acts 1935, No. 324, and rules of commission required - Penalties for noncompliance§ 23-1-106
Penalties cumulative - Recovery of penalty not bar to further penalty or criminal prosecution§ 23-1-108
Jurisdiction and venue of actions§ 23-1-110
Actions tried without jury - Exceptions§ 23-1-111
Copies of official papers as evidence§ 23-1-115
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