§ 23-48-1008 - Withdrawal of out-of-state bank. - Arkansas Statutes

23-48-1008. Withdrawal of out-of-state bank.

(a) A registered out-of-state bank may not withdraw from this state until it obtains a certificate of withdrawal from the Bank Commissioner.

(b) A registered out-of-state bank may apply for a certificate of withdrawal by delivering an application to the commissioner for filing. The application must set forth:

(1) The name of the out-of-state bank and the name of the state or country under whose law it is chartered;

(2) That it is not transacting business in this state and that it surrenders its authority to transact business in this state;

(3) That it revokes the authority of its registered agent to accept service on its behalf and appoints the commissioner as its agent for service of process in any proceeding based on a cause of action arising during the time it was authorized to transact business in this state;

(4) A mailing address to which the commissioner may mail a copy of any process served on him under subdivision (b)(3) of this section; and

(5) A commitment to notify the commissioner in the future of any change in its mailing address for a period of time to be determined by the commissioner.

(c) After the withdrawal of the bank is effective, service of process on the commissioner under this section is service on the out-of-state bank. Upon receipt of process, the commissioner shall mail a copy of the process to the out-of-state bank at the mailing address set forth under subsection (b) of this section.