Title 23 — Public Utilities and Regulated Industries
95 chapters · 4,024 sections in this title.
Ark. Code Ann. § 23-51-1001 Voluntary liquidation
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(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…
Ark. Code Ann. § 23-51-1002 Placing state trust company under Bank Commissioner's control
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(a) (1) A state trust company may place its assets and business under the control of the Bank Commissioner for liquidation by a resolution of a majority of its directors or members upon notice to the commissioner.(2) Upon taking possession of the state trust company, the commissi…
Ark. Code Ann. § 23-51-1003 Application of Arkansas Banking Code of 1997
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When the Bank Commissioner, or the commissioner's appointed agent, takes possession of a state trust company under this subchapter, the commissioner or the commissioner's appointed agent shall proceed with the dissolution and liquidation of the state trust company under the proce…
Ark. Code Ann. § 23-51-101 Title
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This chapter shall be known and may be cited as the “Arkansas Trust Institutions Act of 2025”.
Ark. Code Ann. § 23-51-102 Administration
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(a) (1) This chapter shall be administered by the Bank Commissioner, and every authorized trust institution shall be under the supervision of the commissioner.(2) The commissioner shall execute and enforce through the State Bank Department or other agents all laws relating to aut…
Ark. Code Ann. § 23-51-103 Definitions
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(1) As used in this chapter:(1) “Account” means a client relationship established with a trust company involving the transfer of funds or property to the trust company, including a relationship in which the trust company acts as trustee, executor, administrator, guardian, custodi…
Ark. Code Ann. § 23-51-104 Company authorized to act as fiduciary
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(a) A company shall not act as a fiduciary in this state except:(1) A state trust company;(2) A state bank;(3) An association organized under the laws of this state and authorized to act as a fiduciary under § 23-37-101 et seq.;(4) A national bank having its principal office in t…
Ark. Code Ann. § 23-51-105 Trust business
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(1) A state trust company or a state bank may:(1) Perform any act as a fiduciary;(2) Engage in any trust business;(3) Exercise any incidental power that is reasonably necessary to enable it to fully exercise, according to commonly accepted fiduciary customs and usages, a power co…
Ark. Code Ann. § 23-51-106 Activities not requiring charter or license
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(1) Notwithstanding any other provision of this chapter, a company does not engage in the trust business or in any other business in a manner requiring a charter or license under this chapter or in an unauthorized trust activity by:(1) Acting in a manner authorized by law and in …
Ark. Code Ann. § 23-51-107 Trust business of state trust institution
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(a) A state trust institution may act as a fiduciary or otherwise engage in a trust business in this or any other state or foreign country, subject to complying with applicable laws of the state or foreign country, at:(1) An office established and maintained under this chapter;(2…
Ark. Code Ann. § 23-51-108 Trust charters under prior law
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A charter of a corporation that was previously a state trust company incorporated under any laws of this state before August 5, 2025, shall continue to be effective and shall operate according to this chapter and other applicable law.
Ark. Code Ann. § 23-51-109 Application of laws relating to general business corporations
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(a) The Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., applies to a trust company to the extent not inconsistent with this chapter or the proper business of a trust company, except that a reference to the Secretary of State under the Arkansas Business Corporation …
Ark. Code Ann. § 23-51-110 Engaging in commerce prohibited
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Except as otherwise provided by this chapter or rules adopted under this chapter, a state trust company shall not invest its funds in trade or commerce by buying, selling, or otherwise dealing in goods or by owning or operating a business not part of the state trust business, exc…
Ark. Code Ann. § 23-51-1101 Delegation and fiduciary responsibility
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(a) A person acting as a trustee or as any other fiduciary under the laws of this state may delegate any investment, management, or administrative function if the person exercises reasonable care, judgment, and caution in:(1) Selecting the delegate, taking into account the delega…
Ark. Code Ann. § 23-51-1102 Affiliates
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(a) A person acting as a trustee or in any other fiduciary capacity under § 23-51-1101 may hire and compensate, as a delegate, an affiliate of the person if:(1) Authorized by a trust or fiduciary instrument;(2) Authorized by court order;(3) Authorized in writing by each affected …
Ark. Code Ann. § 23-51-1103 Fee determination
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The compensation arrangement between a client and a person acting as a trustee or as any other fiduciary under this chapter shall be at arm's length, and any compensation under such an arrangement shall be a reasonable amount with respect to the services rendered.
Ark. Code Ann. § 23-51-1104 Disclosure of potential conflicts of interest
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A company, proposing to act as a trustee or in any other fiduciary capacity under a written agreement to be entered into with a prospective client after September 1, 2025, that has any potential or actual conflict of interest that may reasonably be expected to have an impact on t…
Ark. Code Ann. § 23-51-1105 Designation of trustee
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A person residing in this state may designate any trust institution to act as a fiduciary on behalf of the person.
Ark. Code Ann. § 23-51-1106 Choice of law governing trusts
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A trust institution that maintains a trust office or representative trust office in this state and its affected clients may designate either this state, a state where affected clients reside, or the state where the trust institution has its principal office as the state whose law…
Ark. Code Ann. § 23-51-1107 Choice of law governing fiduciary investments
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A trust institution that maintains a trust office or representative trust office in this state and its affected clients may designate either this state, a state where affected clients reside, or the state where the trust institution has its principal office as the state whose law…
Ark. Code Ann. § 23-51-111 Name of trust institution
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(a) Except as provided under subsection (b) of this section, a state trust company or out-of-state trust institution may register a name with the Bank Commissioner in connection with establishing a principal office, trust office, or representative trust office in this state under…
Ark. Code Ann. § 23-51-112 Confidential records
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(a) The following records of the State Bank Department shall be confidential and shall not be subject to disclosure under the Freedom of Information Act of 1967, § 25-19-101 et seq., except as stated in this section or according to department rules:(1) An examination report filed…
Ark. Code Ann. § 23-51-1201 Definitions
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(1) As used in this subchapter:(1) “Family member” means an individual who is related within the fourth degree of affinity or consanguinity to an individual or individuals who control a private trust company or that is controlled by one (1) or more trusts or charitable organizati…
Ark. Code Ann. § 23-51-1202 Private trust company
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(a) A private trust company engaging in the trust business in this state shall comply with the provisions of this chapter applicable to a trust company unless expressly exempted from those provisions in writing by the Bank Commissioner under this section or by rule adopted by the…
Ark. Code Ann. § 23-51-1203 Requirements for private trust company
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(a) (1) A private trust company requesting an exemption from this chapter under § 23-51-1202 shall file an application with the Bank Commissioner containing:(A) A nonrefundable application fee of an amount not less than three thousand dollars ($3,000) nor more than five thousand …
Ark. Code Ann. § 23-51-1204 Change of control
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(a) Control of an exempt private trust company shall not be transferred or sold with exempt status. (b) In a change of control, the person acquiring control shall comply with this chapter, and the exempt status of the private trust company shall automatically terminate upon the e…
Ark. Code Ann. § 23-51-1205 Authority to revoke
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(a) The Bank Commissioner may revoke the exempt status of a private trust company if the private trust company:(1) Makes a false statement under oath on a document required to be filed under this chapter or by any rule promulgated by the commissioner;(2) Fails to submit to an exa…
Ark. Code Ann. § 23-51-1206 Conversion to public trust company
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(a) (1) A private trust company may terminate its status as a private trust company and commence transacting business with the general public.(2) A private trust company desiring to commence transacting business with the general public shall file an application on a form prescrib…
Ark. Code Ann. § 23-51-201 Examination of state trust companies
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(a) The Bank Commissioner shall examine a state trust company at least one (1) time every twenty-four (24) months or more often as the commissioner determines is necessary to safeguard the interests of the public and the safety and soundness of the institution. (b) A state trust …
Ark. Code Ann. § 23-51-202 Examination of out-of-state trust institutions
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(a) (1) To the extent consistent with § 23-51-203, the Bank Commissioner may make an examination of an office established and maintained in this state under this chapter by an out-of-state trust institution as the commissioner may deem necessary to determine whether the office is…
Ark. Code Ann. § 23-51-203 Cooperative agreements
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(a) (1) The Bank Commissioner may enter into cooperative, coordinating, and information-sharing agreements with any other bank supervisory agencies or any organization affiliated with or representing one (1) or more bank supervisory agencies with respect to the periodic examinati…
Ark. Code Ann. § 23-51-204 Reports of apparent crime
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(a) (1) 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 dire…
Ark. Code Ann. § 23-51-301 Enforcement
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(a) (1) Consistent with the Arkansas Administrative Procedure Act, § 25-15-201 et seq., after notice and opportunity for hearing, the Bank Commissioner may determine:(A) That an office maintained by an out-of-state trust institution in this state is being operated in violation of…
Ark. Code Ann. § 23-51-302 Violation of administrative orders
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(a) The Bank Commissioner may:(1) Order an authorized trust institution, or subsidiary of an authorized trust institution, or a director, officer, or employee to cease and desist violating this chapter or any lawful rule issued under this chapter;(2) Order an authorized trust ins…
Ark. Code Ann. § 23-51-303 Civil enforcement
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(1) The Bank Commissioner may bring a civil action against a person who the commissioner believes has committed or is about to commit a violation of:(1) This chapter; or(2) A rule or order of the commissioner pertaining to this chapter. (1) This chapter; or (2) A rule or order of…
Ark. Code Ann. § 23-51-304 Certain criminal offenses
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(a) (1) An officer, director, employee, or shareholder of a state trust company commits an offense if the officer, director, employee, or shareholder of a state trust company knowingly:(A) Conceals information or a fact or removes, destroys, or conceals a book or record of the st…
Ark. Code Ann. § 23-51-305 When commissioner may take possession of state trust company
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(a) The Bank Commissioner may take possession of the business and property of a state trust company to which this chapter is applicable whenever it appears that the state trust company:(1) Has violated its charter or any laws applicable to the charter of a state trust company;(2)…
Ark. Code Ann. § 23-51-401 Organization and powers of state trust company
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(a) (1) Subject to the other provisions of this chapter, one (1) or more persons may organize and charter a state trust company.(2) A state trust company may perform any act as a fiduciary or engage in any trust business within or without this state. (1) Subject to the other prov…
Ark. Code Ann. § 23-51-402 State trust company principal office
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(a) A state trust company shall have and continuously maintain a principal office in this state. (b) An executive officer at the principal office is an agent of the state trust company for service of process. (c) A state trust company may change its principal office to any locati…
Ark. Code Ann. § 23-51-403 Required capital
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(a) Except as provided in subsection (b) of this section, the Bank Commissioner shall not issue a charter to a state trust company having required capital of less than one million dollars ($1,000,000). (b) (1) The commissioner may require additional capital for a proposed or exis…
Ark. Code Ann. § 23-51-404 Change in outstanding capital and surplus
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(a) A state trust company shall not reduce or increase its outstanding capital through dividend, redemption, issuance of shares, or otherwise without the prior approval of the Bank Commissioner, except as permitted by this section or rules adopted under this chapter. (b) Unless o…
Ark. Code Ann. § 23-51-405 Articles of association of state trust company
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(a) The articles of association of a state trust company shall be signed and acknowledged by each organizer. (b) The articles of association of a state trust company shall include:(1) The name of the state trust company;(2) The period of the state trust company's duration, which …
Ark. Code Ann. § 23-51-406 Application for state trust company charter
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(a) An application for a state trust company charter shall be:(1) Made under oath and in the form required by the Bank Commissioner;(2) Supported by information, data, records, and opinions of counsel that the commissioner requires;(3) Accompanied by a nonrefundable filing fee of…
Ark. Code Ann. § 23-51-407 Notice and investigation of charter application for state trust company
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(a) The Bank Commissioner shall notify the organizers of the proposed state trust company when the application is complete and accepted for filing and all required fees and deposits have been paid. (b) Upon submission of an application to the commissioner, the organizers of the p…
Ark. Code Ann. § 23-51-408 Written protest — Filing fee — Hearing and decision on charter application
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(a) (1) A person shall not appear in opposition to an application for a charter for a state trust company unless the person has filed an official protest to the granting of the application within thirty (30) days of the date of the notice of the filing of the application.(2) The …
Ark. Code Ann. § 23-51-409 Issuance of charter
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(a) A state trust company shall not engage in the trust business until it receives its charter from the Bank Commissioner. (b) The commissioner shall not deliver the charter for a state trust company until the state trust company has:(1) Elected or qualified the initial officers …
Ark. Code Ann. § 23-51-410 Amendment or restatement of state trust company articles of association
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(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 amen…
Ark. Code Ann. § 23-51-411 Establishing series of shares
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(a) If the articles of association expressly give the board of a state trust company authority to establish series and determine the preferences, limitations, and relative rights of each series of shares, the board may do so only in compliance with this section and any rules adop…
Ark. Code Ann. § 23-51-412 Capital notes or debentures
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(a) With the prior written approval of the Bank Commissioner, a state trust company, at any time, through action of its board, and without requiring action of its shareholders, may issue and sell its capital notes or debentures, which shall be subordinate to the claims of deposit…
Ark. Code Ann. § 23-51-413 Bylaws
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A state trust company shall adopt bylaws and may amend its bylaws from time to time for the purposes and in accordance with the procedures stated in the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq.