§ 23-48-501 - Definitions.
23-48-501. Definitions.
As used in this subchapter:
(1) "Converting bank" means a state bank converting to a national bank, a national bank converting to a state bank, or a savings and loan association converting to a state bank;
(2) "Dissenters' rights" means the rights of dissenting stockholders specified in 23-48-506;
(3) "Interstate merger transaction" means:
(A) The merger or consolidation of banks with different home states and the conversion of branches of any bank involved in the merger or consolidation into branches of the resulting bank; or
(B) The purchase of all or substantially all of the assets, including all or substantially all of the branches and the assumption of all or substantially all of the liabilities of a bank whose home state is different from the home state of the acquiring bank;
(4) "Merger" includes consolidation in all sections of this subchapter except 23-48-509;
(5) "Purchase or assumption" means the purchase by a state bank of over fifty percent (50%) of the assets of another depository institution, or the assumption by a state bank of over fifty percent (50%) of the liabilities of another depository institution;
(6) "Resulting bank" means:
(A) One (1) or more banks created from a merger or conversion; or
(B) The bank purchasing over fifty percent (50%) of the assets or assuming over fifty percent (50%) of the liabilities of another depository institution in a purchase or assumption transaction or an interstate merger transaction; and
(7) "Wholly owned Arkansas bank holding company" means a "bank holding company", as that term is defined in 23-45-102, incorporated under the laws of the State of Arkansas, all of the outstanding shares of each class of the capital stock of which are owned by a single individual or entity.