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AR SB209

Bill

Status

Passed

2/20/2017

Primary Sponsor

Bruce Maloch

Click for details

Origin

Senate

91st General Assembly (2017 Regular)

AI Summary

  • Amends the definition of "officer" at a state bank to include the president or chief executive officer as an alternative designation, allowing either title to serve in that capacity.

  • Modifies multiple Arkansas Code sections to recognize "chief executive officer" alongside "president" in contexts including report verification, oath administration, incorporation applications, stockholder meetings, and merger documentation.

  • Changes report attestation requirement from "not fewer than" to "at least" two directors for verification of Bank Commissioner statements.

  • Removes the requirement for Bank Commissioner approval of state bank conversions or mergers into national banks, though filing articles of merger or conversion within 10 days remains mandatory.

  • Standardizes language throughout state banking law by replacing "setting forth" with "stating" and "such" with "that" in various procedural and documentation requirements.

Legislative Description

Concerning The Authority Of An Officer Of A State Bank.

Last Action

Notification that SB209 is now Act 198

2/20/2017

Committee Referrals

Insurance and Commerce2/13/2017
Insurance & Commerce1/25/2017

Full Bill Text

No bill text available