§ 23-51-111 — Application of laws relating to general business corporations

(a) The Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., applies to a trust company to the extent not inconsistent with this chapter or the proper business of a trust company, except that any reference to the Secretary of State means the Bank Commissioner unless the context requires otherwise. (b) Unless expressly authorized by this chapter or a rule of the commissioner, a trust company may not take an action authorized by the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., regarding its corporate status, capital structure, or a matter of corporate governance, of the type for which the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., would require a filing with the Secretary of State if the trust company were a business corporation, without first submitting the filing to the commissioner for the same purposes for which it otherwise would be required to be submitted to the Secretary of State and compliance with the applicable provisions of this chapter. (c) The commissioner may adopt rules to limit or refine the applicability of subsection (a) of this section to a trust company or to alter or supplement the procedures and requirements of the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., applicable to an action taken under this chapter.

Legislative History

Amended by Act 2019, No. 315,§ 2569, eff. 7/24/2019. Acts 1997, No. 940, § 11.