§ 23-48-102 - Trust companies no longer subject to banking laws.
23-48-102. Trust companies no longer subject to banking laws.
(a) All trust companies, other than national trust companies and subsidiary trust companies, in existence on May 30, 1997, must cease operations as a trust company.
(b) Trust companies, other than subsidiary trust companies and national trust companies, which have not become banks by May 31, 1997, by complying with the provisions of law for the formation of a bank, shall no longer act as or be authorized to act as a fiduciary, nor shall they be subject to laws governing banks or trust companies, or exercise or be authorized to exercise any powers granted banks or trust companies by those laws, but instead will automatically become business corporations and be subject to the Arkansas Business Corporation Act, 4-27-101 et seq., and the Bank Commissioner shall deliver certified copies of the articles of incorporation, all amendments thereto, and all other corporate filings of those trust companies to the Secretary of State for inclusion in his official records of filings of business corporations.