§ 23-51-165 - Companies authorized to act as fiduciaries. - Arkansas Statutes

23-51-165. Companies authorized to act as fiduciaries.

(a) No company shall act as a fiduciary in this state except:

(1) A state trust company;

(2) A state bank;

(3) An association organized under the laws of this state and authorized to act as a fiduciary pursuant to 23-37-101 et seq.

(4) A national bank having its principal office in this state and authorized by the Comptroller of the Currency to act as a fiduciary pursuant to 12 U.S.C. 92a.

(5) A federally chartered savings association having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary.

(6) A subsidiary trust company authorized to act as a fiduciary under 23-47-801 et seq.

(7) An out-of-state bank with a branch in this state established or maintained pursuant to the Arkansas Interstate Banking and Branching Act ( 23-48-901 et seq.) or a trust office licensed by the Bank Commissioner pursuant to this chapter.

(8) An out-of-state trust company with a trust office licensed by the commissioner pursuant to this chapter.

(b) No company shall engage in an unauthorized trust activity.