(a) A private trust company may terminate its status as a private trust company and commence transacting business with the general public. A private trust company desiring to commence transacting business with the general public shall file a notice on a form prescribed by the Bank Commissioner, which shall set forth the name of the private trust company and an acknowledgment that any exemption granted or otherwise applicable to the private trust company pursuant to § 23-51-118 shall cease to apply on the effective date of the notice, furnish a copy of the resolution adopted by the board authorizing the private trust company to commence transacting business with the general public, and pay the filing fee, if any, prescribed by the commissioner.
(b) The notificant may commence transacting business with the general public thirty (30) days after the date the commissioner receives the notice, unless the commissioner specifies another date.
(c) The thirty-day period of review may be extended by the commissioner on determination that the written notice raises issues that require additional information or additional time for analysis. If the period for review is extended, the notificant may commence transacting business with the public only on prior written approval by the commissioner.
(d) The commissioner may deny approval of the notice of the private trust company to commence transacting business with the general public if the commissioner finds that the notificant lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed transacting of business of the general public would be contrary to the public interest or if the commissioner determines that the notificant will not within a reasonable period be in compliance with any provision of this chapter from which the notificant had been previously exempted pursuant to § 23-51-118.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities
Chapter 51 - Arkansas Trust Institutions Act
§ 23-51-102. Certain definitions
§ 23-51-104. Organization and powers of state trust company
§ 23-51-105. Articles of association of state trust company
§ 23-51-106. Application for state trust company charter
§ 23-51-107. Notice and investigation of charter application
§ 23-51-108. Hearing and decision on charter application
§ 23-51-109. Issuance of charter
§ 23-51-111. Application of laws relating to general business corporations
§ 23-51-112. Commissioner hearings — Appeals
§ 23-51-113. Trust companies chartered under prior law
§ 23-51-114. Amendment of state trust company articles of association
§ 23-51-115. Establishing a series of shares
§ 23-51-116. Change in outstanding capital and surplus
§ 23-51-117. Capital notes or debentures
§ 23-51-118. Private trust company
§ 23-51-119. Requirements for a private trust company
§ 23-51-120. Conversion to public trust company
§ 23-51-121. Investment in state trust company facilities — Definition
§ 23-51-122. Other real estate
§ 23-51-124. Transactions in state trust company shares
§ 23-51-127. Engaging in commerce prohibited
§ 23-51-129. Lease financing transactions
§ 23-51-131. Common investment funds
§ 23-51-134. Acquisition of control
§ 23-51-135. Application regarding acquisition of control
§ 23-51-136. Hearing and decision on acquisition of control
§ 23-51-137. Appeal from adverse decision
§ 23-51-138. Objection to other transfer
§ 23-51-139. Civil enforcement — Criminal penalties
§ 23-51-140. Voting securities held by state trust company
§ 23-51-142. Board of directors
§ 23-51-144. Certain criminal offenses
§ 23-51-145. Transactions with management and affiliates
§ 23-51-146. Fiduciary responsibility
§ 23-51-148. Bonding requirements
§ 23-51-149. Reports of apparent crime
§ 23-51-151. Merger application
§ 23-51-152. Approval of commissioner
§ 23-51-153. Rights of dissenters to mergers
§ 23-51-154. Authority to purchase assets of another trust institution
§ 23-51-156. Required vote of shareholders
§ 23-51-157. Corporate procedure
§ 23-51-158. Authority to liquidate — Publication
§ 23-51-159. Examination and reports
§ 23-51-160. Unclaimed property
§ 23-51-161. Sale or transfer of property
§ 23-51-162. When commissioner may take charge
§ 23-51-163. Directors may act
§ 23-51-164. Application of Arkansas Banking Code of 1997
§ 23-51-165. Companies authorized to act as fiduciaries
§ 23-51-166. Activities not requiring a charter, etc
§ 23-51-167. Trust business of state trust institution
§ 23-51-168. Trust business of out-of-state trust institution
§ 23-51-169. Name of trust institution
§ 23-51-171. Branches and offices of state trust institutions
§ 23-51-172. State trust company principal office
§ 23-51-174. Out-of-state offices
§ 23-51-175. Trust business at a branch or trust office
§ 23-51-176. Establishing an interstate trust office
§ 23-51-177. Acquiring an interstate trust office
§ 23-51-178. Requirement of notice
§ 23-51-179. Conditions for approval
§ 23-51-180. Additional trust offices
§ 23-51-181. Examinations — Periodic reports — Cooperative agreements — Assessment of fees
§ 23-51-183. Notice of subsequent merger, closing, etc
§ 23-51-184. Commissioner shall supervise and examine authorized trust institutions
§ 23-51-185. Examinations — Assessments
§ 23-51-186. Statements of condition and income
§ 23-51-187. Confidential records
§ 23-51-188. Administrative orders — Penalties for violation
§ 23-51-189. Notice and opportunity for hearing
§ 23-51-190. Subpoena power and examination under oath
§ 23-51-191. Removal of directors, officers, and employees
§ 23-51-192. Delegation and fiduciary responsibility
§ 23-51-194. Fee determination
§ 23-51-195. Disclosure of potential conflicts of interest
§ 23-51-196. Interests in trust institutions prohibited
§ 23-51-197. Designation of trustee