Skip to main content
Find a Lawyer

Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-48-502. Merger or conversion of state bank into national bank

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

(a) Subject to the provisions of this subchapter and provided that no Arkansas bank which is a party to the merger has a de novo charter, a state bank may merge into a national bank, including a national bank with a home state other than Arkansas.

(b) The action to be taken by a merging or converting state bank and its rights and liabilities and those of its shareholders shall be the same as those prescribed for national banks, at the time of the action, by the laws of the United States, and not by the law of this state, except that:

(1) The assenting vote of the holders of a simple majority of each class of voting stock of a state bank shall be required for the merger or conversion;

(2) Upon the merger of a state bank into a national bank, the stockholders of the state bank shall have dissenters' rights; and

(3) If the national bank is an out-of-state bank, then § 23-48-902 et seq. shall be applicable to the merger.

(c)(1) Approval by the Bank Commissioner or any other state authority is not necessary for a state bank to convert or merge into a resulting national bank as provided by federal law.

(2)(A) However, within ten (10) days following the effective date of the merger or conversion, the resulting bank shall be required to file in the office of the commissioner, a complete copy of the articles of merger or conversion.

(B) The copy of the articles of merger or conversion shall be certified by the president or chief executive officer or a vice president of the resulting bank.

(d) Upon the completion of the merger or conversion, the charter of any merging or converting state bank shall automatically terminate.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-48-502. Merger or conversion of state bank into national bank - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-48-502/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard