§ 23-48-316 - Transfer of stock. - Arkansas Statutes

23-48-316. Transfer of stock.

(a) The stock of every state bank shall be transferrable only on the books of the bank.

(b) (1) When any number of shares of the stock of a state bank or shares of stock in an Arkansas bank holding company shall be transferred to any transferee or joint transferees, the state bank or Arkansas bank holding company shall promptly transmit to the Bank Commissioner a certificate, on a form prescribed by the commissioner, showing the transfer.

(2) The certificate also shall show the total number of shares at that time outstanding in the name of the transferee or anyone known by the state bank or Arkansas bank holding company to be the nominee of the transferee or holding in trust for the transferee.

(3) If an Arkansas bank holding company is a reporting company under 13 or 15(d) of the federal Securities and Exchange Act, then the Arkansas bank holding company may satisfy the reporting requirements under this section by reporting transfers one (1) time per year at the time and in the manner required by the commissioner.