(a) The bank holding company owning a subsidiary trust company or national trust company shall file with the Bank Commissioner an irrevocable undertaking to be fully responsible for the existing and future fiduciary acts and omissions of its subsidiary trust company or national trust company.
(b) If an affiliated bank has given bond to secure performance of its duties and the subsidiary trust company or national trust company qualifies as successor fiduciary, the subsidiary trust company or national trust company shall give bond to secure performance of its duties in the same manner.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities
Chapter 47 - Bank Powers — Subsidiaries
Subchapter 8 - Subsidiary Trust Companies
§ 23-47-802. Subsidiary trust companies — Creation, formation, etc. — Powers — Location
§ 23-47-803. Substitution of subsidiary trust company or national trust company for affiliated bank
§ 23-47-804. Removal of accounts from operation of substitution agreement — Denial of substitution