(a) The stock of every state bank shall be transferrable only on the books of the bank.
(b) (1) When any number of shares of the stock of a state bank or shares of stock in an Arkansas bank holding company shall be transferred to any transferee or joint transferees, the state bank or Arkansas bank holding company shall promptly transmit to the Bank Commissioner a certificate, on a form prescribed by the commissioner, showing the transfer.
(2) The certificate also shall show the total number of shares at that time outstanding in the name of the transferee or anyone known by the state bank or Arkansas bank holding company to be the nominee of the transferee or holding in trust for the transferee.
(3) If an Arkansas bank holding company is a reporting company under § 13 or § 15(d) of the federal Securities and Exchange Act, then the Arkansas bank holding company may satisfy the reporting requirements under this section by reporting transfers one (1) time per year at the time and in the manner required by the commissioner.
Section: Previous 23-48-309 23-48-310 23-48-311 23-48-312 23-48-313 23-48-314 23-48-315 23-48-316 23-48-317 23-48-318 23-48-319 23-48-320 23-48-321 23-48-322 23-48-323 NextLast modified: November 15, 2016