(a) It shall be unlawful for any state bank to lend to any officer, director, or employee any funds held in trust under the powers conferred by this subchapter, or to sell assets held in trust to any such persons, without the prior written approval of the Bank Commissioner.
(b) In the absence of the prior written approval of the commissioner, any officer, director, or employee making the loan or sale, or to whom the loan or sale is made is guilty of a Class D felony.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities
Chapter 47 - Bank Powers — Subsidiaries
§ 23-47-701. Authority of Bank Commissioner
§ 23-47-702. Considerations determinative of grant or denial of applications
§ 23-47-703. Grant and exercise of powers deemed not in contravention of Arkansas law
§ 23-47-704. Segregation of fiduciary and general assets — Separate books and records
§ 23-47-706. Official's oath or affidavit
§ 23-47-707. Loans of trust funds to officers and employees prohibited — Penalties