(a) A state trust company may go into voluntary liquidation and be closed and may surrender the state trust company's charter and franchise as a corporation of this state by the affirmative votes of the shareholders of the state trust company owning a majority of the voting stock of the state trust company.
(b) (1) Shareholder action to liquidate a state trust company shall be taken at a meeting of the shareholders called by resolution of the board of the state trust company.(2) The written notice required under subdivision (b)(1) of this section shall state the purpose of the meeting and 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 before the date of the meeting.(3) If shareholders elect to liquidate a state trust company under subsection (a) of this section, a certified copy of all proceedings of the meeting at which the action has been taken, attested by an officer of the state trust company, shall be transmitted to the Bank Commissioner for approval.
(1) Shareholder action to liquidate a state trust company shall be taken at a meeting of the shareholders called by resolution of the board of the state trust company.
(2) The written notice required under subdivision (b)(1) of this section shall state the purpose of the meeting and 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 before the date of the meeting.
(3) If shareholders elect to liquidate a state trust company under subsection (a) of this section, a certified copy of all proceedings of the meeting at which the action has been taken, attested by an officer of the state trust company, shall be transmitted to the Bank Commissioner for approval.
(c) (1) If the commissioner approves the liquidation, the commissioner shall issue to the state trust company under the commissioner's seal, an order for that purpose.(2) An order shall not be issued by the commissioner under subdivision (c)(1) of this section until the commissioner is satisfied that provision has been made by the state trust company to satisfy and pay off all creditors.(3) (A) When the commissioner approves the voluntary liquidation of a state trust company, the board of the state trust company shall:(i) Publish a notice in a newspaper with a substantially statewide circulation published in the City of Little Rock that the state trust company is closing down its affairs and going into liquidation; and(ii) Notify the creditors of the state trust company to present their claims for payment.(B) The notice required under subdivision (c)(3)(A)(i) of this section shall be published one (1) time a week for four (4) consecutive weeks.
(1) If the commissioner approves the liquidation, the commissioner shall issue to the state trust company under the commissioner's seal, an order for that purpose.
(2) An order shall not be issued by the commissioner under subdivision (c)(1) of this section until the commissioner is satisfied that provision has been made by the state trust company to satisfy and pay off all creditors.
(3) (A) When the commissioner approves the voluntary liquidation of a state trust company, the board of the state trust company shall:(i) Publish a notice in a newspaper with a substantially statewide circulation published in the City of Little Rock that the state trust company is closing down its affairs and going into liquidation; and(ii) Notify the creditors of the state trust company to present their claims for payment.(B) The notice required under subdivision (c)(3)(A)(i) of this section shall be published one (1) time a week for four (4) consecutive weeks.
(A) When the commissioner approves the voluntary liquidation of a state trust company, the board of the state trust company shall:(i) Publish a notice in a newspaper with a substantially statewide circulation published in the City of Little Rock that the state trust company is closing down its affairs and going into liquidation; and(ii) Notify the creditors of the state trust company to present their claims for payment.
(i) Publish a notice in a newspaper with a substantially statewide circulation published in the City of Little Rock that the state trust company is closing down its affairs and going into liquidation; and
(ii) Notify the creditors of the state trust company to present their claims for payment.
(B) The notice required under subdivision (c)(3)(A)(i) of this section shall be published one (1) time a week for four (4) consecutive weeks.
(d) When a state trust company is in the process of voluntary liquidation, the state trust company is subject to examination by the commissioner and shall furnish reports from time to time as the commissioner may require.
(e) All unclaimed property remaining in the hands of a liquidated state trust company is subject to the Unclaimed Property Act, § 18-28-201 et seq.
(f) (1) Upon the approval of the commissioner, a state trust company may sell and transfer to another trust institution, whether state or federally chartered, all of its assets of every kind upon terms as may be agreed upon and approved by the commissioner and by a majority vote of its board.(2) A certified copy of the minutes of a meeting at which an action is taken, attested by an officer of the state trust company, together with a copy of the contract of sale and transfer, shall be filed with the commissioner.(3) Whenever voluntary liquidation is approved by the commissioner or the sale and transfer of the assets of any state trust company is 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 Arkansas Business Corporation Act of 1987, § 4-27-101 et seq.
(1) Upon the approval of the commissioner, a state trust company may sell and transfer to another trust institution, whether state or federally chartered, all of its assets of every kind upon terms as may be agreed upon and approved by the commissioner and by a majority vote of its board.
(2) A certified copy of the minutes of a meeting at which an action is taken, attested by an officer of the state trust company, together with a copy of the contract of sale and transfer, shall be filed with the commissioner.
(3) Whenever voluntary liquidation is approved by the commissioner or the sale and transfer of the assets of any state trust company is 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 Arkansas Business Corporation Act of 1987, § 4-27-101 et seq.