§ 4-31-404 - Discontinuing trust business. - Arkansas Statutes

4-31-404. Discontinuing trust business.

(a) Any foreign business trust that desires to withdraw from or discontinue doing trust business shall furnish to the Secretary of State satisfactory evidence of its release and discharge from all obligation undertaken by it and after the foreign business trust has furnished that evidence to the Secretary of State, the Secretary of State shall withdraw any authority to do a trust business previously issued to that foreign business trust, and thereafter the foreign business trust shall not be permitted to use and shall not undertake the administration of any trust business in the State of Arkansas.

(b) No person may transact or conduct business within the state under any articles, declaration of trust, or trust agreement without first complying with the provisions and requirements of this subchapter, and no person organized to do business under any articles, declaration of trust, or trust agreement may offer to sell, barter, or exchange any unit, share, contact, notes, bond, mortgage, oil or mineral lease, or other securities, without first having to comply with the provisions and requirements of this subchapter.