Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-48-307. Objects and method of charter amendment

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

(a) Any state bank, through amendment to its articles of incorporation, may from time to time do the following, which shall be in addition to all things it may otherwise do through amendment under the Arkansas Banking Code of 1997:

(1) Change its corporate name;

(2) Change, enlarge, or diminish its corporate purposes, in accordance with the applicable state law;

(3) Increase or decrease its authorized capital stock, subject to the limitations and in the manner set out in § 23-48-311;

(4) Effect splits of its shares or a distribution of some portion of its assets, other than cash or its own stock; and

(5) Effect any fundamental change in its corporate affairs which may be accomplished by charter amendment under any other statute of Arkansas.

(b) Articles of incorporation of a state bank may be amended at any annual or special meeting of the stockholders.

(c) Except as provided in § 23-48-313(a)(1)(C), unless a greater percentage of votes is required in the articles of incorporation for an amendment of any provision of the articles of incorporation, an amendment to the articles of incorporation may be adopted on the affirmative vote of the owners of a simple majority of each class of stock entitled to vote on the proposed amendment.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-48-307. Objects and method of charter amendment - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-48-307/

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