Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 3 - ORGANIZATION AND MANAGEMENT GENERALLY (§§ 23-48-301 — 23-48-327) › Section 23-48-327 - Registered office and registered agent for service of process

(a)
(1)
A state bank may designate and maintain a registered office and registered agent for service of process by filing a written designation with the Bank Commissioner.
(2)
The registered office:
(A)
May be the same as any of the bank's places of business; and
(B)
Shall have the same address as the office of the registered agent.
(3)
The registered agent may be a:
(A)
Resident of the State of Arkansas;
(B)
State bank or domestic profit or nonprofit corporation; or
(C)
Foreign profit or nonprofit corporation authorized to transact business in this state.
(4)
The written designation shall contain the:
(A)
Name of the state bank;
(B)
Street address of the bank's registered office; and
(C)
Name of the bank's registered agent at the bank's registered office.
(5)
(A)
The state bank may revoke the written designation by filing a statement of revocation with the commissioner.
(B)
The statement of revocation is effective thirty-one (31) days after filing.
(b)
(1)
A state bank may change its registered office or registered agent by filing a statement of change with the commissioner that sets forth:
(A)
Its name;
(B)
The name and street address of its current registered office and registered agent;
(C)
The name and street address of its new registered agent and registered office; and
(D)
The new registered agent's written consent, either on the statement or attached to it, to the appointment.
(2)
A registered agent may change the street address of the registered office of any state bank to the agent's current office by:
(A)
Notifying the bank in writing of the change; and
(B)
Signing, either manually or by facsimile, and filing with the commissioner a statement of change that complies with the requirements of this subsection and recites that the bank has been notified of the change.
(c)
(1)
The registered agent of a state bank may resign and discontinue the registered office by filing with the commissioner the original and two (2) exact or conformed copies of a signed statement of resignation.
(2)
The statement of resignation may include a statement that the registered office is discontinued.
(3)
The commissioner shall mail a filed copy of the statement to the registered office if not discontinued.
(4)
The commissioner shall mail the other filed copy to the main office of the state bank as listed on the records of the State Bank Department.
(5)
The termination of the registered agent's appointment and, if applicable, discontinuance of the registered office is effective thirty-one (31) days after the statement is filed.
(d)
The State Banking Board shall provide by rule a filing fee of not less than ten dollars ($10.00) nor more than fifty dollars ($50.00) for the filings under this section.
(e)
(1)
If a state bank designates and maintains a registered office and registered agent under this section, then the registered agent is the state bank's exclusive agent for service of any process, notice, or demand required or permitted to be served on the bank.
(2)
If a state bank does not designate and maintain a registered office and registered agent under this section, then the president or chief executive officer of the state bank is the bank's agent for service of any process, notice, or demand required or permitted to be served on the state bank.
Amended by Act 2017, No. 198,§ 9, eff. 8/1/2017.
Acts 2005, No. 426, § 1.