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Can you summarize ARCO 23-48-509?
Mergers, Consolidations, Conversions, Emergency Acquisitions, Purchases, or Assumptions > Merger of wholly owned Arkansas bank holding company into state bank.
Short Summary
This legal document governs the merger of a wholly owned Arkansas bank holding company into a state bank. It states that with the approval of the Bank Commissioner, a wholly owned Arkansas bank holding company that owns all the outstanding shares of a subsidiary state bank can be merged into the bank without the approval of the shareholders of either entity. The board of directors of both the holding company and the state bank must adopt a plan of merger that includes the names of the entities and the manner and basis of converting the holding company’s shares into shares of the state bank. The articles of merger, containing the plan of merger, must be filed with the commissioner and the Secretary of State. The articles become effective upon filing with the Secretary of State, within sixty (60) days after approval by the commissioner. This document does not mention any specific exemptions or penalties.
Whom does it apply to?
Wholly owned Arkansas bank holding companies and state banks
What does it govern?
Merger of wholly owned Arkansas bank holding company into state bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Arkansas