reglab/housing_qa huggingface dataset:
AR Code § 23-51-130 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-130. Trust deposit

 (a) A state trust company may deposit trust funds with itself as an investment if authorized by the settlor or the beneficiary, provided:  (1) It maintains as security for the deposits a separate fund of securities, legal for trust investments, under control of a federal reserve bank or other entity approved by the Bank Commissioner, either in this state or elsewhere;  (2) The total market value of the security is at all times at least equal to the amount of the deposit;  (3) The separate fund is designated as such; and  (4) The separate fund is maintained under the control of another trust institution, bank or government agency.    (b) A state trust company may make periodic withdrawals from or additions to the securities fund required by subsection (a) of this section as long as the required value is maintained. Income from the securities in the fund belongs to the state trust company.  (c) Security for a deposit under this section is not required for a deposit under subsection (a) of this section to the extent the deposit is insured by the Federal Deposit Insurance Corporation or its successor.
AR Code § 23-51-131 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-131. Common investment funds

 (a) A state trust company may establish common trust funds to provide investment to itself as a fiduciary.  (b) The Bank Commissioner may adopt rules to administer and carry out this section, including but not limited to rules to establish investment and participation limitations, disclosure of fees, audit requirements, limit or expand investment authority for particular classes or categories of securities or other property, advertising, exemptions, and other requirements that may be necessary to carry out this section.
AR Code § 23-51-132 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-132. Borrowing limit

 Except with the prior written approval of the Bank Commissioner, a state trust company may not have liabilities outstanding exceeding an amount equal to three times its capital base.
AR Code § 23-51-133 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-133. Pledge of assets

 A state trust company may not pledge or create a lien on any of its assets except to secure the repayment of money borrowed or as specifically authorized or required by § 23-51-130, or by rules adopted under this chapter. An act, deed, conveyance, pledge, or contract in violation of this section is void.
AR Code § 23-51-134 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-134. Acquisition of control

 (a) Except as expressly otherwise permitted, a person may not without the prior written approval of the Bank Commissioner directly or indirectly acquire control of a state trust company through a change in a legal or beneficial interest in voting securities of a state trust company or a corporation or other entity owning voting securities of a state trust company.  (b) This chapter does not prohibit a person from negotiating to acquire, but not acquiring, control of a state trust company or a person that controls a state trust company.  (c) This section does not apply to:  (1) The acquisition of securities in connection with the exercise of a security interest or otherwise in full or partial satisfaction of a debt previously contracted for in good faith if the acquiring person files written notice of acquisition with the commissioner before the person votes the securities acquired;  (2) The acquisition of voting securities in any class or series by a controlling person who has previously complied with and received approval under this chapter or who was identified as a controlling person in a prior application filed with and approved by the commissioner;  (3) An acquisition or transfer by operation of law, will, or intestate succession if the acquiring person files written notice of acquisition with the commissioner before the person votes the securities acquired;  (4) A transaction exempted by the commissioner by rule or order because the transaction is not within the purposes of this chapter or the rule of which is not necessary or appropriate to achieve the objectives of this chapter.
AR Code § 23-51-135 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-135. Application regarding acquisition of control

 (a) The proposed transferee seeking approval to acquire control of a state trust company or a person that controls a state trust company must file with the Bank Commissioner:  (1) An application in the form prescribed by the commissioner;  (2) The filing fee in an amount not less than one thousand five hundred dollars ($1,500) and not more than three thousand dollars ($3,000), as set by rules issued by the commissioner;  (3) All information required by rule or that the commissioner requires in a particular application as necessary to an informed decision to approve or reject the proposed acquisition.    (b) If the proposed transferee includes any group of individuals or entities acting in concert, the information required by the commissioner may be required of each member of the group.  (c) If the proposed transferee is not an Arkansas resident, an Arkansas company, or an out-of-state company qualified to do business in this state, a written consent to service of process on a resident of this state in any action or suit arising out of or connected with the proposed acquisition.  (d) The proposed transferee must give public notice of the application, its date of filing, and the identity of each participant, in the form specified by the commissioner, through publication by one (1) insertion in a newspaper published in the City of Little Rock and having a general and substantially statewide circulation, promptly after the commissioner accepts the application as complete.
AR Code § 23-51-136 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-136. Hearing and decision on acquisition of control

 (a) Not later than sixty (60) days after the application is officially filed, the Bank Commissioner may approve the application or set the application for hearing. If the commissioner sets a hearing, the commissioner shall conduct a hearing as he or she considers advisable and consistent with governing statutes and rules.  (b) Based on the record, the commissioner may issue an order denying an application if:  (1) The acquisition would substantially lessen competition, be in restraint of trade, result in a monopoly, or be in furtherance of a combination or conspiracy to monopolize or attempt to monopolize the trust industry in any part of this state, unless:  (A) The anti-competitive effects of the proposed acquisition are clearly outweighed in the public interest by the probable effect of acquisition in meeting the convenience and needs of the community to be served; and  (B) The proposed acquisition is not in violation of law of this state or the United States;    (2) The financial condition of the proposed transferee, or any member of a group composing the proposed transferee, might jeopardize the financial stability of the state trust company being acquired;  (3) Plans or proposals to operate, liquidate, or sell the state trust company or its assets are not in the best interests of the state trust company;  (4) The experience, ability, standing, competence, trustworthiness, and integrity of the proposed transferee, or any member of a group comprising the proposed transferee, are insufficient to justify a belief that the state trust company will be free from improper or unlawful influence or interference with respect to the state trust company's operation in compliance with law;  (5) The state trust company will be insolvent, in a hazardous condition, not have adequate capitalization, or not be in compliance with the laws of this state after the acquisition;  (6) The proposed transferee has failed to furnish all information pertinent to the application reasonably required by the commissioner; or  (7) The proposed transferee is not acting in good faith.    (c) If an application filed under this section is approved by the commissioner, the transaction may be consummated. Any written commitment from the proposed transferee offered to and accepted by the commissioner as a condition that the application will be approved is enforceable against the state trust company and the transferee and is considered for all purposes an agreement under this chapter.
AR Code § 23-51-137 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-137. Appeal from adverse decision

 (a)  (1) If a hearing has been held, the Bank Commissioner has entered an order denying the application, and the order has become final, the proposed transferee may appeal the final order by filing a petition for judicial review under the Arkansas Administrative Procedure Act, § 25-15-201 et seq.  (2) The time for filing such a petition for judicial review shall run from the date the final decision of the commissioner is mailed or delivered, in written form, to the parties desiring to appeal.  (3) The hearing of such a petition for review will be advanced on the docket of each reviewing court as a matter of public interest.    (b) The filing of an appeal under this section does not stay the order of the commissioner.
AR Code § 23-51-138 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-138. Objection to other transfer

 This chapter may not be construed to prevent the Bank Commissioner from investigating, commenting on, or seeking to enjoin or set aside a transfer of voting securities that evidence a direct or indirect interest in a state trust company, regardless of whether the transfer is included within this chapter, if the commissioner considers the transfer to be against the public interest.
AR Code § 23-51-139 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-139. Civil enforcement — Criminal penalties

 (a) The Bank Commissioner may bring any appropriate civil action against any person who the commissioner believes has committed or is about to commit a violation of this chapter or a rule or order of the commissioner pertaining to this chapter.  (b) A person who knowingly fails or refuses to file the application required by § 23-51-135 commits an offense. An offense under this subsection is a Class A misdemeanor.
AR Code § 23-51-140 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-140. Voting securities held by state trust company

 (a) Voting securities of a state trust company held by the state trust company in a fiduciary capacity under a will or trust, whether registered in its own name or in the name of its nominee, may not be voted in the election of directors or managers or on a matter affecting the compensation of directors, managers, officers, or employees of the state trust company in that capacity, unless:  (1) Under the terms of the will or trust, the manner in which the voting securities are to be voted may be determined by a donor or beneficiary of the will or trust and the donor or beneficiary actually makes the determination in the matter at issue;  (2) The terms of the will or trust expressly direct the manner in which the securities must be voted to the extent that no discretion is vested in the state trust company as fiduciary; or  (3) The securities are voted solely by a co-fiduciary that is not an affiliate of the state trust company, as if the co-fiduciary were the sole fiduciary.    (b) Voting securities of a state trust company that cannot be voted under this section are considered to be authorized but unissued for purposes of determining the procedures for and results of the affected vote.
AR Code § 23-51-141 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-141. Bylaws

 Each state trust company shall adopt bylaws and may amend its bylaws from time to time for the purposes and in accordance with the procedures set forth in the Arkansas Business Corporation Act, § 4-27-101 et seq.
AR Code § 23-51-143 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-143. Officers

 The board shall annually elect the officers of the state trust company, who serve at the pleasure of the board. The state trust company must have a principal executive officer primarily responsible for the execution of board policies and operation of the state trust company and an officer responsible for the maintenance and storage of all corporate books and records of the state trust company and for required attestation of signatures. The board may appoint other officers of the state trust company as the board considers necessary. The duties of any two or more officers may be combined by the board and held by one person.
AR Code § 23-51-144 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-144. Certain criminal offenses

 (a) An officer, director, employee or shareholder of a state trust company commits an offense if the person knowingly:  (1) Conceals information or a fact, or removes, destroys, or conceals a book or record of the state trust company for the purpose of concealing information or a fact from the Bank Commissioner or an agent of the commissioner; or  (2) For the purpose of concealing, removes or destroys any book or record of the state trust company that is material to a pending or anticipated legal or administrative proceeding.    (b) An officer, director or employee of a state trust company commits an offense if the person knowingly makes a false entry in the books or records or in any report or statement of the state trust company.  (c) An offense under this section is a Class D felony.
AR Code § 23-51-145 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-145. Transactions with management and affiliates

 (a) Without the prior approval of a disinterested majority of the board recorded in the minutes, or if a disinterested majority cannot be obtained the prior written approval of a majority of the disinterested directors and the Bank Commissioner, a state trust company may not directly or indirectly:  (1) Sell or lease an asset of the state trust company to an officer, director, or principal shareholder of the state trust company or an affiliate of the state trust company;  (2) Purchase or lease an asset in which an officer, director or principal shareholder of the state trust company or an affiliate of the state trust company has an interest; or  (3) Subject to § 23-51-128, extend credit to an officer, director, or principal shareholder of the state trust company or an affiliate of the state trust company.    (b) Notwithstanding subsection (a) of this section, a lease transaction described in subdivision (a)(2) of this section involving real property may not be consummated, renewed, or extended without the prior written approval of the commissioner. For purposes of this subsection only, an affiliate of the state trust company does not include a subsidiary of the state trust company.  (c) Subject to § 23-51-128, a state trust company may not directly or indirectly extend credit to an employee, officer, director or principal shareholder of the state trust company or an affiliate of the state trust company, unless the extension of credit:  (1) Is made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions by the state trust company with persons who are not employees, officers, directors, principal shareholders, or affiliates of the state trust company;  (2) Does not involve more than the normal risk of repayment or present other unfavorable features; and  (3) The state trust company follows credit underwriting procedures that are not less stringent than those applicable to comparable transactions by the state trust company with persons who are not employees, officers, directors, principal shareholders or affiliates of the state trust company.    (d) An officer or director of the state trust company who knowingly participates in or knowingly permits a violation of this section shall be guilty of a Class D felony.  (e) The commissioner may adopt rules to administer and carry out this section, including rules to establish limits, requirements, or exemptions other than those specified by this section for particular categories of transactions.
AR Code § 23-51-146 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-146. Fiduciary responsibility

 The board of a state trust company is responsible for the proper exercise of fiduciary powers by the state trust company and each matter pertinent to the exercise of fiduciary powers, including:   (1) The determination of policies;  (2) The investment and disposition of property held in a fiduciary capacity; and  (3) The direction and review of the actions of each officer, employee, and committee used by the state trust company in the exercise of its fiduciary powers.
AR Code § 23-51-147 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-147. Recordkeeping

 A state trust company shall keep its fiduciary records separate and distinct from other records of the state trust company. The fiduciary records must contain all material information relative to each account as appropriate under the circumstances.
AR Code § 23-51-148 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-148. Bonding requirements

 (a) The board of a state trust company shall require protection and indemnity for clients in reasonable amounts established by rules adopted under this chapter, against dishonesty, fraud, defalcation, forgery, theft, and other similar insurable losses, with corporate insurance or surety companies:  (1) Authorized to do business in this state; or  (2) Acceptable to the Bank Commissioner and otherwise lawfully permitted to issue the coverage against those losses in this state.    (b) Except as otherwise provided by rule, coverage required under subsection (a) of this section must include each director, officer, and employee of the state trust company without regard to whether the person receives salary or other compensation.  (c) A state trust company may apply to the commissioner for permission to eliminate the bonding requirement of this section for a particular individual. The commissioner shall approve the application if the commissioner finds that the bonding requirement is unnecessary or burdensome. Unless the application presents novel or unusual questions, the commissioner shall approve the application or set the application for hearing not later than sixty (60) days after the date the commissioner considers the application complete and accepted for filing.
AR Code § 23-51-149 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-149. Reports of apparent crime

 A trust company that is the victim of a robbery, has a shortage of corporate or fiduciary funds in excess of five thousand dollars ($5,000), or is the victim of an apparent or suspected misapplication of its corporate or fiduciary funds or property in any amount by a director, officer, or employee shall report the robbery, shortages or apparent or suspected misapplication to the Bank Commissioner within forty-eight (48) hours after the time it is discovered. The initial report may be oral if the report is promptly confirmed in writing. The trust company or a director, officer, employee, or agent is not subject to liability for defamation or another charge resulting from information supplied in the report.
AR Code § 23-51-150 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-150. Merger authority

 (a) With the prior written approval of the Bank Commissioner, a state trust company may merge or consolidate with a state bank to the same extent as a state bank under the Arkansas Banking Code of 1997 or with another person to the same extent as a business corporation under the Arkansas Business Corporation Act, § 4-27-101 et seq., subject to this chapter.  (b) Implementation of a plan of merger by a trust company and a state bank, approval of the board, and shareholders of the parties must be made or obtained as provided by the Arkansas Banking Code of 1997 as if the state trust company were a state bank, except as otherwise provided by rules adopted under this chapter.  (c) Implementation of the plan of merger with a person other than a state bank, approval of the board and shareholders of the parties must be made or obtained as provided by the Arkansas Business Corporation Act, § 4-27-101 et seq., as if the state trust company were a domestic corporation and all other parties to the merger were foreign corporations and other entities, except as otherwise provided by rules adopted under this chapter.