§ 23-49-118 - Execution and filing of articles with department -- Certificate of dissolution. - Arkansas Statutes

23-49-118. Execution and filing of articles with department -- Certificate of dissolution.

(a) The articles of dissolution shall be executed in duplicate and presented in duplicate to the State Bank Department accompanied by fees prescribed by department regulations.

(b) (1) Upon presentation of the articles of dissolution, the Bank Commissioner shall endorse his approval upon each of the duplicate copies of the articles if he finds that they conform to law.

(2) When all fees have been paid as required by law, the commissioner shall file one (1) copy of the articles in the department and issue two (2) certificates of dissolution. One (1) certificate of dissolution shall be filed with the department and the second shall be delivered to the receiver.

(c) Upon the issuance of the certificate of dissolution, the institution shall be dissolved and its existence shall cease.

(d) Upon the issuance of the certificate of dissolution, the receiver shall be authorized, as agent for the directors and shareholders of any subsidiary trust company, to file any and all documents with the Secretary of State necessary to terminate its corporate existence under applicable corporate law.