reglab/housing_qa huggingface dataset:
AR Code § 23-48-405 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 4 - Bank Holding Companies|§ 23-48-405. Ownership or control of subsidiaries

 It shall be unlawful for a bank holding company to directly or indirectly own or control more than one (1) bank subsidiary if any such bank subsidiary with its main office in Arkansas has a de novo charter.
AR Code § 23-48-406 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 4 - Bank Holding Companies|§ 23-48-406. Acquisition of bank stock or assets — Limitations

 (a) A bank holding company is prohibited from acquiring ownership or control of the stock or the assets of any bank that has its main office or any branch office in Arkansas, if, after giving effect to the acquisition of the stock or the assets of that bank, the acquiring bank holding company would own or control, directly or indirectly, banks having in the aggregate more than twenty-five percent (25%) of the total deposits within the State of Arkansas held by banks.  (b)  (1) Determinations of the percentage of total deposits required by subsection (a) of this section shall be made as of the date of acquisition of the stock or assets.  (2) The determinations shall be made with reference to the average total deposits of the respective banks as reflected on their quarterly financial reports for the four (4) fiscal quarters immediately preceding the date of acquisition as filed with the Federal Deposit Insurance Corporation, or its successor, or if the deposits of the bank are not insured by the Federal Deposit Insurance Corporation, then as filed with the State Bank Department, or its successor.    (c) For the purpose of this section, the term “deposits” shall include, without limitation, all demand, savings, time, certificates of deposit, and other similar depository accounts of any person, but shall not include depository accounts of banks or public funds.  (d)  (1) Nothing in this section is intended to prevent any bank holding company domiciled in the State of Arkansas from acquiring ownership or control of banks domiciled outside the State of Arkansas if applicable state or federal laws permit the Arkansas bank holding company to do so.  (2) However, except as permitted by applicable federal law or specifically authorized by this subchapter, no bank holding company domiciled outside the State of Arkansas shall be authorized to acquire direct or indirect control of a bank domiciled within the State of Arkansas.
AR Code § 23-48-501 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 5 - Mergers, Consolidations, Conversions, Emergency Acquisitions, Purchases, or Assumptions|§ 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.
AR Code § 23-48-502 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 5 - Mergers, Consolidations, Conversions, Emergency Acquisitions, Purchases, or Assumptions|§ 23-48-502. Merger or conversion of state bank into national bank

 (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 a national bank, including a national bank with a home state other than Arkansas.  (b) The action to be taken by a merging or converting state bank and its rights and liabilities and those of its shareholders shall be the same as those prescribed for national banks, at the time of the action, by the laws of the United States, 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 or conversion;  (2) Upon the merger of a state bank into a national bank, the stockholders of the state bank shall have dissenters' rights; and  (3) If the national bank is an out-of-state bank, then § 23-48-901 et seq. shall be applicable to the merger.    (c)  (1) Approval by the Bank Commissioner or any other state authority is not necessary for a state bank to convert or merge into a resulting national bank as provided by federal law.  (2)  (A) However, within ten (10) days following the effective date of the merger or conversion, the resulting bank shall be required to file in the office of the commissioner, a complete copy of the articles of merger or conversion.  (B) The copy of the articles of merger or conversion shall be certified by the president or chief executive officer or a vice president of the resulting bank.      (d) Upon the completion of the merger or conversion, the charter of any merging or converting state bank shall automatically terminate.
AR Code § 23-48-504 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 5 - Mergers, Consolidations, Conversions, Emergency Acquisitions, Purchases, or Assumptions|§ 23-48-504. Conversion of national bank or savings and loan association into state bank

 (a) A national bank or savings and loan association having its main office in this state which follows the procedure prescribed by applicable federal or other law may convert into a state bank and may be granted a charter by the State Banking Board with the concurrence of the Bank Commissioner.  (b) The national bank or savings and loan association may apply for a state charter by filing with the commissioner an application containing the information that the commissioner may require along with a certificate signed by its president or chief executive officer or a vice president stating the action taken in compliance with the provisions of the applicable laws, accompanied by the articles of incorporation approved by a majority vote of the stockholders for the governance of the applicant as a state bank.  (c) The public hearing at which the issuance of the state charter is authorized shall be called by the commissioner:  (1) On not less than fourteen (14) days' written notice to the applicant and to each member of the board; and  (2) Upon publication in a newspaper published in the City of Little Rock and having a general and substantially statewide circulation, at least fourteen (14) days before the hearing, the publication to show the time, place, and purpose of the hearing.    (d) If, at the hearing, both the commissioner and the board find that the proposed state bank meets the standards as to location of offices, capital structure, and character of officers and directors required for the incorporation of a state bank, they shall grant the application for conversion.
AR Code § 23-48-505 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 5 - Mergers, Consolidations, Conversions, Emergency Acquisitions, Purchases, or Assumptions|§ 23-48-505. Merger of state bank into an out-of-state state-chartered bank

 (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.
AR Code § 23-48-507 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 5 - Mergers, Consolidations, Conversions, Emergency Acquisitions, Purchases, or Assumptions|§ 23-48-507. Continuation of corporate entity — Use of old name

 (a) A resulting bank shall be the same business and corporate entity as each party to the merger or as the converting bank, with all the property, rights, powers, liabilities, and duties of each party to the merger or the converting bank, except as affected by the state law in the case of a resulting state bank or the federal law in the case of a resulting national bank and by the charter and bylaws of the resulting bank.  (b) A resulting bank shall have the right to use the name of any party to the merger or of the converting bank whenever it can more conveniently do any act under that name.  (c) Any reference to a party to the merger or converting bank in a contract, will, or document, whether executed or taking effect before or after the merger or conversion, shall be deemed to refer and apply to the resulting bank if not inconsistent with the other provisions of the writing.
AR Code § 23-48-508 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 5 - Mergers, Consolidations, Conversions, Emergency Acquisitions, Purchases, or Assumptions|§ 23-48-508. Resulting state bank — Time for conformance with state law

 If a party to a merger or converting bank has assets which do not conform to the requirements of state law for the resulting state bank or if it carries on business activities which are not permitted for the resulting state bank, the Bank Commissioner may permit a reasonable time in which to conform with state law.
AR Code § 23-48-509 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 5 - Mergers, Consolidations, Conversions, Emergency Acquisitions, Purchases, or Assumptions|§ 23-48-509. Merger of wholly owned Arkansas bank holding company into state bank

 (a) With the approval of the Bank Commissioner, any wholly owned Arkansas bank holding company that owns all of the outstanding shares of each class of the capital stock of a subsidiary state bank may be merged into the bank to result in a state bank without the approval of the shareholders of either the wholly owned Arkansas bank holding company or the state bank, provided that the merger otherwise complies with the then-applicable law of this state.  (b) The board of directors of the wholly owned Arkansas bank holding company and the board of directors of the state bank shall adopt a plan of merger that sets forth:  (1) The names of the wholly owned Arkansas bank holding company and state bank; and  (2) The manner and basis of converting the shares of the wholly owned Arkansas bank holding company into shares of the state bank.    (c) The articles of merger containing the plan of merger, signed by each constituent corporation by its president or chief executive officer or a vice president, shall be filed with the commissioner in the manner required by law for the merger of state banks, and after the commissioner's approval, with the Secretary of State in the manner required by law for the merger of business corporations.  (d) The articles of merger shall become effective upon the filing of the articles with the Secretary of State and, not more than sixty (60) days after the approval of the articles by the commissioner, as may be specified in the articles as the time when the merger shall become effective.
AR Code § 23-48-510 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 5 - Mergers, Consolidations, Conversions, Emergency Acquisitions, Purchases, or Assumptions|§ 23-48-510. Purchases or assumptions by a state bank

 (a)  (1) With the approval of the State Banking Board and the concurrence of the Bank Commissioner and subject to the provisions of this subchapter and provided that no party to a proposed transaction has a de novo charter, a state bank may purchase all or a majority of the assets or assume all or a majority of the liabilities of another depository institution.  (2)  (A) The agreement of purchase and sale shall be authorized and approved by the boards of directors of the purchasing state bank and selling depository institution.  (B) The agreement shall be approved by the affirmative vote of the holders of at least a simple majority of the outstanding shares of the selling depository institution entitled to vote thereon, at a meeting called for the purpose in like manner as meetings to approve mergers are called, and an application containing the information that the commissioner may require shall be filed with the commissioner.    (3) The commissioner shall cause the application to be investigated as soon as practicable, and the application and the results of the investigation shall be forwarded to the board.  (4) The board shall hold a public hearing on the application pursuant to notice and procedure required for the applications.  (5) The commissioner shall approve the application if, at the hearing, both the commissioner and the board find that the proposed purchase or assumption:  (A) Provides adequate capital structure;  (B) Is fair;  (C) It is not contrary to public interest; and  (D) Adequately provides for dissenters' rights for the stockholders of any selling state bank.      (b)  (1) With the approval of the commissioner, a state bank may assume less than a majority of the liabilities of another depository institution.  (2) The agreement of purchase and sale for the assumption of the liabilities referred to in subdivision (b)(1) of this section shall be authorized and approved by the boards of directors of the assuming state bank and selling depository institution.  (3)  (A) A state bank seeking to assume less than a majority of the liabilities of another depository institution shall file with the commissioner an application containing the information that the commissioner may require.  (B) The commissioner shall have the application investigated as soon as practicable and shall approve the application if he or she is satisfied that the proposed assumption:  (i) Provides adequate capital structure;  (ii) Is fair; and  (iii) Is not contrary to public interest.        (c) No approval by the commissioner or the board is required for the purchase by a state bank of less than a majority of the assets of another depository institution.
AR Code § 23-48-511 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 5 - Mergers, Consolidations, Conversions, Emergency Acquisitions, Purchases, or Assumptions|§ 23-48-511. Commissioner's granting of new charter or branch facility in connection with failed institutions

 (a) Upon application of either individual incorporators or a bank holding company, the Bank Commissioner is authorized to grant a state bank charter to the applicant immediately and without the approval of the State Banking Board if the commissioner finds that the immediate formation of a new state bank will protect the depositors of a failed depository institution when the receiver of the failed depository institution has solicited bids for the sale of its deposits.  (b) The commissioner is further authorized to grant more than one (1) state bank charter pursuant to solicitation of bids by the receiver of a failed depository institution should the receiver determine to solicit bids for deposits at separate offices or branches of a failed depository institution.  (c) Any state bank charter granted by the commissioner pursuant to this section shall not be considered a de novo charter as that term is defined in § 23-45-102.  (d)  (1) The commissioner may grant a branch bank application for a state bank to acquire the deposits and operate a branch of a failed depository institution regardless of state law limiting branch locations should the application be submitted pursuant to the solicitation of bids by the receiver of a failed depository institution and should the commissioner find the action would protect depositors of the failed depository institution.  (2) The commissioner may grant an application for a state bank to acquire deposit liabilities without continued operation of a bank facility if the applicant has submitted an application therefor pursuant to this section.
AR Code § 23-48-512 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 5 - Mergers, Consolidations, Conversions, Emergency Acquisitions, Purchases, or Assumptions|§ 23-48-512. Provisions when resulting state bank not to exercise trust powers

 When a resulting state bank is not to exercise trust powers, the Bank Commissioner shall not approve a merger or conversion until satisfied that adequate provision has been made for successors to fiduciary positions held by the merging banks or the converting bank.
AR Code § 23-48-601 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 6 - Reorganization Through Plan of Exchange|§ 23-48-601. Authority to adopt plan of exchange — Approval by Bank Commissioner required

 (a)  (1) A state bank may adopt a plan of exchange for shares of the outstanding capital stock held by its stockholders, for the consideration designated in this section to be paid or provided by a bank holding company which acquires the stock, in the manner provided in this subchapter, by complying with the provisions of this subchapter, subject to subsections (b) and (c) of this section.  (2) The plan of exchange may provide that the bank holding company, as the acquiring person, as consideration for the stock of the state bank may:  (A) Transfer shares of its capital stock;  (B) Transfer other securities issued by it;  (C) Pay cash;  (D) Pay or provide other consideration; or  (E) Pay or provide any combination of the foregoing types of consideration.      (b) No such plan of exchange shall be effectuated unless, in advance thereof, the plan has been filed with the Bank Commissioner and approved in writing by him or her after notice and a hearing thereon. The commissioner shall give approval within a reasonable time after the hearing if he or she finds that the plan:  (1) Complies with the law;  (2) Is fair and equitable to the stockholders of the state bank involved;  (3) Provides a satisfactory means for disposing of shares of the state bank resulting from dissenting stockholders; or  (4) Would not substantially reduce the security of or service to be rendered to depositors or other customers of the state bank or any affiliate bank of the state bank or the bank holding company.    (c) No director, officer, agent, or employee of any party to an exchange of stock shall receive any fee, commission, compensation, or other valuable consideration whatsoever for in any manner aiding, promoting, or assisting therein except as set forth in the plan of exchange.  (d) If the commissioner does not approve the plan of exchange, the commissioner shall notify the state bank in writing specifying the reasons therefor.  (e)  (1) For every plan of exchange filed with the commissioner under subsection (b) of this section, there shall be paid to the State Bank Department by the state bank involved a filing fee equal to one-tenth percent (0.1%) of the paid-up capital stock of the state bank.  (2) However, the fee shall in no case be less than five hundred dollars ($500) or more than one thousand dollars ($1,000).  (3) In addition, the state bank shall pay all expenses and costs of the department incurred in connection with the plan of exchange and the hearing thereon including, but not limited to, travel expenses, mail and delivery charges, copying costs, and court reporters' fees.  (4) The commissioner may by order reduce or waive the filing fee, but not the payment of the expenses and costs of the department, if the commissioner determines that the fee is excessive under the circumstances.