Transactions in state trust company shares
Known as the Arkansas Trust Institutions Act
The act spans §§ 23–23 (100 sections).
Acts 1997, No. 940, § 24.
(1) A state trust company may acquire its own shares if: The amount of its undivided profits is sufficient to fully absorb the acquisition of the shares under regulatory accounting principles; and
(2) The state trust company obtains the prior written approval of the Bank Commissioner.
(3) A state trust company shall not make loans upon the security of its own shares.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.