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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-48-306. Relocation of place of business--Amendment of articles

Current as of March 28, 2024 | Updated by Findlaw Staff

(a)(1) Any state bank may apply for authority to change its place of business from one (1) municipality to another by filing with the Bank Commissioner, as an amendment to its articles of incorporation, two (2) copies of a resolution to that effect, and such additional information which the commissioner may require.

(2) The resolution must be adopted upon the affirmative vote of the holders of at least a simple majority of the outstanding shares entitled to vote thereon, at any annual or special meeting of the stockholders.

(3) Both copies of the resolution shall be signed by the president or chief executive officer or a vice president.

(4) One (1) of the copies of the resolution shall be retained by the commissioner. The other copy, if the commissioner and State Banking Board approve the amendment, shall be returned with the commissioner's endorsement of approval thereof.

(b) The amendment shall become effective when it has been approved by the commissioner and the board.

(c) Each application for authority to change a state bank's place of business shall be accompanied by a fee as shall be set by State Bank Department rule, which fee shall be paid to the department.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-48-306. Relocation of place of business--Amendment of articles - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-48-306/

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