reglab/housing_qa huggingface dataset:
AR Code § 23-51-151 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-151. Merger application

 (a) The original articles of merger, a number of copies of the articles of merger equal to the number of surviving, new, and acquiring entities, and an application in the form required by the Bank Commissioner must be filed with the commissioner. The commissioner shall investigate the condition of the merging parties. The commissioner may require the submission of additional information as considered necessary to an informed decision.  (b) The commissioner may approve the merger if:  (1) Each resulting state trust company will be solvent and have adequate capitalization for its business and location;  (2) Each resulting state trust company has in all respects complied with the statutes and rules relative to the organization of a state trust company;  (3) All fiduciary obligations and liabilities of each state trust company that is a party to the merger have been properly discharged or otherwise lawfully assumed or retained by a state trust company or other fiduciary;  (4) Each surviving, new, or acquiring person that is not authorized to engage in the trust business will not engage in the trust business and has in all respects complied with the laws of this state; and  (5) All conditions imposed by the commissioner have been satisfied or otherwise resolved.
AR Code § 23-51-152 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-152. Approval of commissioner

 (a) If the Bank Commissioner approves the merger and finds that all required filing fees and investigative costs have been paid, the commissioner shall:  (1) Endorse the face of the original and each copy with the date of approval and the word “Approved”;  (2) File the original in the State Bank Department's records; and  (3) Deliver a certified copy of the articles of merger to each surviving, new, or acquiring entity.    (b) A merger is effective on the date of approval, unless the merger agreement provides and the commissioner consents to a different effective date.
AR Code § 23-51-153 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-153. Rights of dissenters to mergers

 A shareholder may dissent from the merger to the extent and by following the procedure provided by the Arkansas Business Corporation Act, § 4-27-101 et seq., or rules adopted under this chapter.
AR Code § 23-51-154 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-154. Authority to purchase assets of another trust institution

 (a) Subject to the provisions of this section, a state trust company may purchase assets of another state trust company or trust-related assets of another trust institution, including the right to control accounts established with the trust institution. Except as otherwise expressly provided by this chapter or any other applicable statutes, the purchase of all or part of the assets of the trust institution does not make the purchasing state trust company responsible for any liability or obligation of the selling trust institution that is not expressly assumed by the purchasing state trust company. Except as otherwise provided by this chapter, this chapter does not govern or prohibit the purchase by a trust institution of all or part of the assets of a corporation or other entity that is not a trust institution.  (b) An application in the form required by the Bank Commissioner must be filed with the commissioner for any acquisition of all or substantially all of (i) the assets of a state trust company or (ii) the trust assets of another trust institution by a state trust company. The commissioner shall investigate the condition of the purchaser and seller and may require the submission of additional information as considered necessary to make an informed decision. The commissioner shall approve the purchase if:  (1) The acquiring state trust company will be solvent, not in a hazardous condition and have sufficient capitalization for its business and location;  (2) The acquiring state trust company has complied with all applicable statutes and rules, including without limitation any applicable requirements of §§ 23-51-178 and 23-51-179;  (3) All fiduciary obligations and liabilities of the parties have been properly discharged or otherwise assumed by the acquiring state trust company;  (4) All conditions imposed by the commissioner have been satisfied or otherwise resolved; and  (5) All fees and costs have been paid.    (c) A purchase requiring an application pursuant to subsection (b) of this section is effective on the date of approval, unless the purchase agreement provides for, and the commissioner consents to, a different effective date.  (d) The acquiring state trust company shall succeed by operation of law to all of the rights, privileges and obligations of the selling trust institution under each account included in the assets acquired.
AR Code § 23-51-155 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-155. Sale of assets

 (a) The board of a state trust company, with the Bank Commissioner's approval, may cause a state trust company to sell all or substantially all of its assets, including the right to control accounts established with the trust company, without shareholder approval if the commissioner finds:  (1) The interests of the state trust company's clients, depositors, and creditors are jeopardized because of insolvency or imminent insolvency of the state trust company;  (2) The sale is in the best interest of the state trust company's clients and creditors; and  (3) The Federal Deposit Insurance Corporation or its successor approves the transaction unless the deposits of the state trust company are not insured.    (b) A sale under this section must include an assumption and promise by the buyer to pay or otherwise discharge:  (1) All of the state trust company's liabilities to clients and depositors;  (2) All of the state trust company's liabilities for salaries of the state trust company's employees incurred before the date of the sale;  (3) Obligations incurred by the commissioner arising out of the supervision or sale of the state trust company; and  (4) Fees and assessments due the State Bank Department.    (c) This section does not limit the incidental power of a state trust company to buy and sell assets in the ordinary course of business.  (d) This section does not affect the commissioner's right to take action under any other law. The sale by a trust company of all or substantially all of its assets with shareholder approval is deemed a voluntary dissolution and liquidation and shall be governed by § 23-49-119.
AR Code § 23-51-156 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-156. Required vote of shareholders

 A state trust company may go into voluntary liquidation and be closed, and may surrender its charter and franchise as a corporation of this state by the affirmative votes of its shareholders owning a majority of its voting stock.
AR Code § 23-51-157 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-157. Corporate procedure

 Shareholder action to liquidate a state trust company shall be taken at a meeting of the shareholders duly called by resolution of the board of directors, written notice of which, stating the purpose of the meeting, shall be mailed to each shareholder, or in case of a shareholder's death, to the shareholder's legal representative, addressed to the shareholder's last known residence not less than ten (10) days prior to the date of the meeting. If stockholders shall, by the required vote, elect to liquidate a trust company, a certified copy of all proceedings of the meeting at which such an action shall have been taken, attested by an officer of the trust company, shall be transmitted to the Bank Commissioner for approval.
AR Code § 23-51-158 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-158. Authority to liquidate — Publication

 If the Bank Commissioner shall approve the liquidation, the commissioner shall issue to the state trust company under the commissioner's seal, a permit for that purpose. No such permit shall be issued by the commissioner until the commissioner shall be satisfied that provision has been made by the state trust company to satisfy and pay off all creditors. If not so satisfied, the commissioner shall refuse to issue a permit, and shall be authorized to take possession of the state trust company and its assets and business, and hold the same and liquidate the state trust company in the manner provided in this chapter. When the commissioner shall approve the voluntary liquidation of a state trust company, the directors of said state trust company shall cause to be published in a newspaper with a substantially statewide circulation published in the City of Little Rock a notice that the state trust company is closing down its affairs and going into liquidation, and notify its creditors to present their claims for payment. The notice shall be published once a week for four consecutive weeks.
AR Code § 23-51-159 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-159. Examination and reports

 When any state trust company shall be in process of voluntary liquidation, it shall be subject to examination by the Bank Commissioner, and shall furnish such reports from time to time as may be called for by the commissioner.
AR Code § 23-51-160 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-160. Unclaimed property

 All unclaimed property remaining in the hands of a liquidated state trust company shall be subject to the provisions of the Uniform Disposition of Unclaimed Property Act, § 18-28-201 et seq.
AR Code § 23-51-161 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-161. Sale or transfer of property

 Upon the approval of the Bank Commissioner, any state trust company may sell and transfer to any other trust institution, whether state or federally chartered, all of its assets of every kind upon such terms as may be agreed upon and approved by the commissioner and by a majority vote of its board of directors. A certified copy of the minutes of any meeting at which such an action is taken, attested by an officer of the trust company, together with a copy of the contract of sale and transfer, shall be filed with the commissioner. Whenever voluntary liquidation shall be approved by the commissioner or the sale and transfer of the assets of any state trust company shall be approved by the commissioner, the charter of the state trust company shall be canceled, subject, however, to its continued existence, as provided by this chapter and the general law relative to corporations.
AR Code § 23-51-162 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-162. When commissioner may take charge

 The Bank Commissioner may forthwith take possession of the business and property of any state trust company to which this chapter is applicable whenever it shall appear that the state trust company:   (1) Has violated its charter or any laws applicable thereto;  (2) Is conducting its business in an unauthorized or unsafe manner;  (3) Is in an unsafe or unsound condition to transact its business;  (4) Has an impairment of its capital;  (5) Is in a hazardous condition;  (6) Has become otherwise insolvent;  (7) Has neglected or refused to comply with the terms of a duly issued lawful order of the commissioner;  (8) Has refused, upon proper demand, to submit its records, affairs, and concerns for inspection and examination of a duly appointed or authorized examiner of the commissioner;  (9) Is employing officers who have refused to be examined upon oath regarding its affairs; or  (10) Has made a voluntary assignment of its assets to trustees.
AR Code § 23-51-163 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-163. Directors may act

 Any state trust company may place its assets and business under the control of the Bank Commissioner for liquidation by a resolution of a majority of its directors or members upon notice to the commissioner, and, upon taking possession of the state trust company, the commissioner, or duly appointed agent, shall retain possession thereof until the state trust company shall be authorized by the commissioner to resume business or until the affairs of the state trust company shall be fully liquidated as herein provided. No state trust company shall make any general assignment for the benefit of its creditors except by surrendering possession of its assets to the commissioner, as herein provided. Whenever any state trust company for any reason shall suspend operations for any length of time, the state trust company shall, immediately upon the suspension of operations, be deemed in the possession of the commissioner and subject to liquidation hereunder.
AR Code § 23-51-164 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-164. Application of Arkansas Banking Code of 1997

 When the Bank Commissioner, or duly appointed agent, shall take possession of any state trust company under § 23-51-162 or § 23-51-163, the commissioner or agent shall proceed with the dissolution and liquidation of the state trust company under the procedures established for the dissolution and liquidation of state banks under the Arkansas Banking Code of 1997.
AR Code § 23-51-165 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-165. Companies authorized to act as fiduciaries

 (a) A company shall not act as a fiduciary in this state except:  (1) A state trust company;  (2) A state bank;  (3) An association organized under the laws of this state and authorized to act as a fiduciary under § 23-37-101 et seq.;  (4) A national bank having its principal office in this state and authorized by the United States Comptroller of the Currency to act as a fiduciary under 12 U.S.C. § 92a;  (5) A federally chartered savings association having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary;  (6) A subsidiary trust company authorized to act as a fiduciary under § 23-47-801 et seq.;  (7) An out-of-state bank with a branch in this state established or maintained under the Arkansas Interstate Banking and Branching Act, § 23-48-901 et seq., or a trust office licensed by the Bank Commissioner under this chapter;  (8) An out-of-state trust company with a trust office licensed by the commissioner under this chapter; or  (9) A foundation.    (b) A company shall not engage in an unauthorized trust activity.
AR Code § 23-51-167 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-167. Trust business of state trust institution

 (a) A state trust institution may act as a fiduciary or otherwise engage in a trust business in this or any other state or foreign country, subject to complying with applicable laws of the state or foreign country, at an office established and maintained pursuant to this chapter, at a branch or at any other authorized location other than an office or branch.  (b) In addition, a state trust institution may conduct any activities at any office outside this state that are permissible for a trust institution chartered by the host state where the office is located, except to the extent such activities are expressly prohibited by the laws of this state or by any rule or order of the Bank Commissioner applicable to the state trust institution. Provided, however, that the commissioner may waive any such prohibition if he or she determines, by order or rule, that the involvement of out-of-state offices of state trust institutions in particular activities would not threaten the safety or soundness of the state trust institutions.
AR Code § 23-51-168 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-168. Trust business of out-of-state trust institution

 An out-of-state trust institution which establishes or maintains one (1) or more offices in this state under this chapter may conduct any activity at each such office which would be authorized under the laws of this state for a state trust institution to conduct at such an office.
AR Code § 23-51-169 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-169. Name of trust institution

 A state trust company or out-of-state trust institution may register any name with the Bank Commissioner in connection with establishing a principal office or trust office in this state pursuant to this chapter, except that the commissioner may determine that a name proposed to be registered is potentially misleading to the public and require the registrant to select a name which is not potentially misleading.
AR Code § 23-51-170 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-170. Trust business

 A state trust company or a state bank may:   (1) Perform any act as a fiduciary;  (2) Engage in any trust business;  (3) Exercise any incidental power that is reasonably necessary to enable it to fully exercise, according to commonly accepted fiduciary customs and usages, a power conferred in this chapter; and  (4) If a state trust company, exercise any other power authorized by § 23-51-104.
AR Code § 23-51-171 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-171. Branches and offices of state trust institutions

 (a) A state trust institution may act as a fiduciary and engage in a trust business at each trust office as permitted by this chapter and at a branch.  (b) Notwithstanding the foregoing subsection (a) of this section, a state bank or a state trust company may not engage at an out-of-state office in any trust business not permitted to be conducted at such an office by the laws of the host state applicable to trust institutions chartered by the host state.
AR Code § 23-51-172 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-172. State trust company principal office

 (a) Each state trust company must have and continuously maintain a principal office in this state.  (b) Each executive officer at the principal office is an agent of the state trust company for service of process.  (c) A state trust company may change its principal office to any location within this state by filing a written notice with the Bank Commissioner setting forth the name of the state trust company, the street address of its principal office before the change, the street address to which the principal office is to be changed, and a copy of the resolution adopted by the board authorizing the change.  (d) The change of principal office shall take effect thirty (30) days after the date the commissioner receives the notice pursuant to subsection (c) of this section, unless the commissioner establishes another date or unless prior to that day the commissioner notifies the state trust company that it must establish to the satisfaction of the commissioner that the relocation is consistent with the original determination made under § 23-51-106(b) for the establishment of a state trust company at that location, in which event the change of principal office shall take effect when approved by the commissioner.
AR Code § 23-51-173 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-173. Trust office

 (a) A state trust institution may establish or acquire and maintain trust offices anywhere in this state. A state trust institution desiring to establish or acquire and maintain such an office shall file a written notice with the Bank Commissioner setting forth the name of the state trust institution, the location of the proposed additional trust office and a general description of the surrounding area, whether the location will be owned or leased, furnish a copy of the resolution adopted by the board authorizing the additional trust office, general description of the activities to be conducted, an estimate of the cost of the trust office and pay the filing fee, if any, prescribed by the commissioner.  (b) The notificant may commence business at the additional trust office thirty (30) days after the date the commissioner receives the notice, unless the commissioner specifies another date.  (c) The thirty-day period of review may be extended by the commissioner on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the state trust institution may establish the additional office only on prior written approval by the commissioner.  (d) The commissioner may deny approval of the additional office if the commissioner finds that the notificant lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office would be contrary to the public interest.