§ 23-51-150 - Merger authority.
23-51-150. Merger authority.
(a) With the prior written approval of the Bank Commissioner, a state trust company may merge or consolidate with a state bank to the same extent as a state bank under the Arkansas Banking Code, 23-45-101 et seq., 23-46-101 et seq., 23-47-101 et seq., 23-48-101 et seq., 23-49-101 et seq., and 23-50-101 et seq., or with another person to the same extent as a business corporation under the Arkansas Business Corporation Act, 4-27-101 et seq., subject to this chapter.
(b) Implementation of a plan of merger by a trust company and a state bank, approval of the board, and shareholders of the parties must be made or obtained as provided by the Arkansas Banking Code, 23-45-101 et seq., 23-46-101 et seq., 23-47-101 et seq., 23-48-101 et seq., 23-49-101 et seq., and 23-50-101 et seq., as if the state trust company were a state bank, except as otherwise provided by regulations adopted under this chapter.
(c) Implementation of the plan of merger with a person other than a state bank, approval of the board and shareholders of the parties must be made or obtained as provided by the Arkansas Business Corporation Act, 4-27-101 et seq., as if the state trust company were a domestic corporation and all other parties to the merger were foreign corporations and other entities, except as otherwise provided by regulations adopted under this chapter.