§ 23-51-124 - Transactions in state trust company shares. - Arkansas Statutes

23-51-124. Transactions in state trust company shares.

(a) A state trust company may acquire its own shares if:

(1) The amount of its undivided profits is sufficient to fully absorb the acquisition of the shares under regulatory accounting principles; and

(2) The state trust company obtains the prior written approval of the Bank Commissioner.

(b) A state trust company shall not make loans upon the security of its own shares.