# Ark. Code Ann. § 23-51-109: Issuance of charter

> Arkansas · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_AR_T23_C51_S23-51-109

## Section

- **Citation:** Ark. Code Ann. § 23-51-109
- **Heading:** Issuance of charter
- **Jurisdiction:** Arkansas
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** AR Code / Title 23 / Chapter 51 / Section 23-51-109

## Text

(a) A state trust company may not engage in the trust business until it receives its charter from the Bank Commissioner. The commissioner may not deliver the charter until the state trust company has: (1) Elected or qualified the initial officers and directors named in the application for charter or other officers and directors approved by the commissioner; and (2) Complied with all other requirements of this chapter relative to the organization of a state trust company. (b) If a state trust company does not open and engage in the trust business within six (6) months after the date it receives its charter or conditional approval of application for charter, or within such further period as such period may be extended, the commissioner shall revoke the charter or cancel the conditional approval of application for charter without judicial action. Acts 1997, No. 940, § 9.

(a) A state trust company may not engage in the trust business until it receives its charter from the Bank Commissioner. The commissioner may not deliver the charter until the state trust company has: (1) Elected or qualified the initial officers and directors named in the application for charter or other officers and directors approved by the commissioner; and (2) Complied with all other requirements of this chapter relative to the organization of a state trust company.

(1) Elected or qualified the initial officers and directors named in the application for charter or other officers and directors approved by the commissioner; and

(2) Complied with all other requirements of this chapter relative to the organization of a state trust company.

(b) If a state trust company does not open and engage in the trust business within six (6) months after the date it receives its charter or conditional approval of application for charter, or within such further period as such period may be extended, the commissioner shall revoke the charter or cancel the conditional approval of application for charter without judicial action.

Acts 1997, No. 940, § 9.

## 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_S23-51-109. Check the current official text before relying on it. Not legal advice.