Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-47-708. Surrender of authorization--Board resolution--Commissioner certification--Activities affected

(a)(1) Any state bank desiring to surrender its right to operate a trust department and to exercise the powers granted under this subchapter, in order to relieve itself of the necessity of complying with the requirements of this subchapter, or to have returned to it any securities which it may have deposited with the state and local authorities for the protection of private or court trusts, or for any other purpose, may file with the Bank Commissioner a certified copy of a resolution of its board of directors signifying the desire.

(2) Upon receipt of the resolution, the commissioner, after satisfying himself or herself that the bank has been relieved in accordance with Arkansas law of all duties as trustee, executor, administrator, custodian, registrar, paying agent or transfer agent of stocks or bonds, guardian of estates, assignee, receiver, or other fiduciary, under court, private, or other appointments previously accepted under authority of this subchapter may, in his or her discretion, issue to the bank a certificate certifying that the bank is no longer authorized to operate a trust department and exercise the powers granted by this subchapter.

(1) Shall no longer operate a trust department or be subject to the provisions of this subchapter or State Bank Department rules made pursuant thereto;

(2) Shall be entitled to have returned to it any securities which it may have deposited with state or local authorities for the protection of private or court trusts; and

(3) Shall not operate a trust department or exercise thereafter any of the powers granted by this subchapter without first applying for and obtaining a new permit to operate a trust department to exercise such powers pursuant to the provisions of this subchapter.