# Ark. Code Ann. § 23-51-107: Notice and investigation of charter application

> Arkansas · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_AR_T23_C51_S23-51-107

## Section

- **Citation:** Ark. Code Ann. § 23-51-107
- **Heading:** Notice and investigation of charter application
- **Jurisdiction:** Arkansas
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** AR Code / Title 23 / Chapter 51 / Section 23-51-107

## Text

(a) The Bank Commissioner shall notify the organizers when the application is complete and accepted for filing and all required fees and deposits have been paid. Upon filing of an application with the commissioner, the organizers of the proposed state trust company shall give notice of filing through publication by one (1) insertion in a newspaper published in the City of Little Rock and having a general and substantially statewide circulation and shall give written notice of filing through the United States mail to all trust institutions maintaining a principal office or a trust office in the county wherein the principal office of the proposed state trust company is to be located. (b) At the expense of the organizers, the commissioner shall investigate the application and inquire into the identity and character of each proposed director, officer, and principal shareholder. The commissioner shall prepare a written report of the investigation, and any person may request a copy of the nonconfidential portions of the application and written report as provided by the Freedom of Information Act of 1967, § 25-19-101 et seq. Rules adopted under this chapter may specify the confidential or nonconfidential character of information obtained by the State Bank Department under this section. Except as provided in rules regarding confidential information, the financial statement of a proposed officer, director, or principal shareholder is confidential and not subject to public disclosure. Amended by Act 2019, No. 315,§ 2566, eff. 7/24/2019. Acts 1997, No. 940, § 7.

(a) The Bank Commissioner shall notify the organizers when the application is complete and accepted for filing and all required fees and deposits have been paid. Upon filing of an application with the commissioner, the organizers of the proposed state trust company shall give notice of filing through publication by one (1) insertion in a newspaper published in the City of Little Rock and having a general and substantially statewide circulation and shall give written notice of filing through the United States mail to all trust institutions maintaining a principal office or a trust office in the county wherein the principal office of the proposed state trust company is to be located.

(b) At the expense of the organizers, the commissioner shall investigate the application and inquire into the identity and character of each proposed director, officer, and principal shareholder. The commissioner shall prepare a written report of the investigation, and any person may request a copy of the nonconfidential portions of the application and written report as provided by the Freedom of Information Act of 1967, § 25-19-101 et seq. Rules adopted under this chapter may specify the confidential or nonconfidential character of information obtained by the State Bank Department under this section. Except as provided in rules regarding confidential information, the financial statement of a proposed officer, director, or principal shareholder is confidential and not subject to public disclosure.

Amended by Act 2019, No. 315,§ 2566, eff. 7/24/2019.

Acts 1997, No. 940, § 7.

## Nearby sections

- [Ark. Code Ann. § 23-51-101 Title](https://www.frixlaw.com/law-library/statutes/STATE_AR_T23_C51_S23-51-101.md)
- [Ark. Code Ann. § 23-51-102 Certain definitions](https://www.frixlaw.com/law-library/statutes/STATE_AR_T23_C51_S23-51-102.md)
- [Ark. Code Ann. § 23-51-103 Rules](https://www.frixlaw.com/law-library/statutes/STATE_AR_T23_C51_S23-51-103.md)
- [Ark. Code Ann. § 23-51-104 Organization and powers of state trust company](https://www.frixlaw.com/law-library/statutes/STATE_AR_T23_C51_S23-51-104.md)
- [Ark. Code Ann. § 23-51-105 Articles of association of state trust company](https://www.frixlaw.com/law-library/statutes/STATE_AR_T23_C51_S23-51-105.md)
- [Ark. Code Ann. § 23-51-106 Application for state trust company charter](https://www.frixlaw.com/law-library/statutes/STATE_AR_T23_C51_S23-51-106.md)
- [Ark. Code Ann. § 23-51-107 Notice and investigation of charter application](https://www.frixlaw.com/law-library/statutes/STATE_AR_T23_C51_S23-51-107.md)
- [Ark. Code Ann. § 23-51-108 Hearing and decision on charter application](https://www.frixlaw.com/law-library/statutes/STATE_AR_T23_C51_S23-51-108.md)
- [Ark. Code Ann. § 23-51-109 Issuance of charter](https://www.frixlaw.com/law-library/statutes/STATE_AR_T23_C51_S23-51-109.md)
- [Ark. Code Ann. § 23-51-110 Required capital](https://www.frixlaw.com/law-library/statutes/STATE_AR_T23_C51_S23-51-110.md)
- [Ark. Code Ann. § 23-51-111 Application of laws relating to general business corporations](https://www.frixlaw.com/law-library/statutes/STATE_AR_T23_C51_S23-51-111.md)
- [Ark. Code Ann. § 23-51-112 Commissioner hearings - Appeals](https://www.frixlaw.com/law-library/statutes/STATE_AR_T23_C51_S23-51-112.md)
- [Ark. Code Ann. § 23-51-113 Trust companies chartered under prior law](https://www.frixlaw.com/law-library/statutes/STATE_AR_T23_C51_S23-51-113.md)
- [Ark. Code Ann. § 23-51-114 Amendment of state trust company articles of association](https://www.frixlaw.com/law-library/statutes/STATE_AR_T23_C51_S23-51-114.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_AR_T23_C51_S23-51-107. Check the current official text before relying on it. Not legal advice.