(a) With the prior written approval of the Bank Commissioner, a state trust company may merge:(1) With and into a state bank to the same extent as a state bank under the Arkansas Banking Code of 1997, § 23-45-101 et seq. — § 23-50-101 et seq.; or(2) With another person to the same extent as a business corporation under the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., subject to this chapter.
(1) With and into a state bank to the same extent as a state bank under the Arkansas Banking Code of 1997, § 23-45-101 et seq. — § 23-50-101 et seq.; or
(2) With another person to the same extent as a business corporation under the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., subject to this chapter.
(b) The approval of the board and the shareholders of both the state trust company and the state bank who are parties to the merger shall be obtained according to § 23-48-503 as if the state trust company were a state bank, except as otherwise provided by rules adopted under this chapter.
(c) The approval of the board and the shareholders of both the state trust company and the person or named entities who are parties to the merger shall be obtained according to the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., as if the state trust company were a domestic corporation, except as otherwise provided by rules adopted under this chapter.