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Can you summarize ARCO 23-48-503?
Mergers, Consolidations, Conversions, Emergency Acquisitions, Purchases, or Assumptions > Merger of bank, bank holding company, or savings and loan association into state bank.
Short Summary
This legal document governs the process of merging banks, bank holding companies, or savings and loan associations into state banks in Arkansas. The merger requires approval from the Bank Commissioner and the State Banking Board, along with compliance with applicable state or federal laws. The plan of merger must include the names of the parties involved, the resulting entities, and the terms and conditions of the merger. If multiple entities result from the merger, the plan must also specify the allocation of assets, the party responsible for paying the fair value of shares, and the allocation or discharge of liabilities and obligations. Certain requirements apply for out-of-state banks participating in the merger. The merger must be approved if it provides adequate capital structure, has fair terms, is not contrary to the public interest, adequately provides for dissenters’ rights, and complies with all applicable state and federal laws.
Whom does it apply to?
Banks, bank holding companies, savings and loan associations, including out-of-state entities
What does it govern?
Mergers of banks, bank holding companies, or savings and loan associations into state banks
What are exemptions?
None mentioned
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Arkansas