(a) A state trust company that has been granted a charter under § 23-51-409 or a predecessor statute may amend or restate its articles of association for any lawful purpose, including the creation of authorized but unissued shares in one (1) or more classes or series.
(b) An amendment authorizing the issuance of shares in series shall contain:(1) The designation of each series and of any variations in the preferences, limitations, and relative rights among series to the extent that the preferences, limitations, and relative rights are to be established in the articles of association; and(2) A statement of any authority to be vested in the board of the state trust company to establish series and determine the preferences, limitations, and relative rights of each series.
(1) The designation of each series and of any variations in the preferences, limitations, and relative rights among series to the extent that the preferences, limitations, and relative rights are to be established in the articles of association; and
(2) A statement of any authority to be vested in the board of the state trust company to establish series and determine the preferences, limitations, and relative rights of each series.
(c) (1) Amendment or restatement of the articles of association of a state trust company and approval of the board and shareholders of the state trust company shall be made according to the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., for the amendment or restatement of articles of incorporation except as otherwise provided by this chapter or rules adopted under this chapter.(2) The original and one (1) copy of the articles of amendment or restated articles of association shall be filed with the Bank Commissioner for approval.(3) Unless the submission presents novel or unusual questions, the commissioner shall approve or reject the amendment or restatement within thirty (30) days after the date the commissioner considers the submission complete and accepted for filing.(4) The commissioner may require the submission of additional information as considered necessary to an informed decision to approve or reject any amendment or restatement of the articles of association under this section.
(1) Amendment or restatement of the articles of association of a state trust company and approval of the board and shareholders of the state trust company shall be made according to the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., for the amendment or restatement of articles of incorporation except as otherwise provided by this chapter or rules adopted under this chapter.
(2) The original and one (1) copy of the articles of amendment or restated articles of association shall be filed with the Bank Commissioner for approval.
(3) Unless the submission presents novel or unusual questions, the commissioner shall approve or reject the amendment or restatement within thirty (30) days after the date the commissioner considers the submission complete and accepted for filing.
(4) The commissioner may require the submission of additional information as considered necessary to an informed decision to approve or reject any amendment or restatement of the articles of association under this section.
(d) If the commissioner finds that the amendment or restatement of the articles of association of a state trust company conforms to law and any conditions imposed by the commissioner, and any required filing fee has been paid, the commissioner shall:(1) Endorse the face of the original and 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 amendment or restatement to the state trust company.
(1) Endorse the face of the original and 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 amendment or restatement to the state trust company.
(e) An amendment or restatement of the articles of association of a state trust company, if approved, takes effect on the date of approval, unless the amendment or restatement provides for a different effective date.