210.00.19 Ark. Code R. 008

Current through Register Vol. 49, No. 9, September, 2024

Rule 210.00.19-008 - Collective Investment Funds

ARKANSAS STATE BANKING BOARD

Position Number	Classification of Position	Entitled to Nominate	Incumbent	Term Expires
1	Bank Dept. Member	Bank Commissioner	Todd Smith	12-31-2019
2	Arkansas Bankers Association Member	Bankers Association	Randy Scott	12-31-2020
3	Arkansas Bankers Association Member	Bankers Association	Scott Miller	12-31-2023
4	Public Member	Governor	Ronald Mobley	12-31-2018
5	Public Member	Governor	David Leech	12-31-2021
6	Public Member	Governor	Lana Hampton	12-31-2018

(A) All trust and estates over which a court is exercising jurisdiction shall be closed or disposed of as soon as practical in accordance with the orders or instructions of such court;

(B) All other accounts which can be closed promptly shall be closed as soon as practicable and final accounting made therefore, and all remaining accounts shall be transferred by appropriate legal proceedings to substitute fiduciaries.

(1)Surrender or Revocation of Fiduciary Powers. Any state bank which has been granted the right to exercise fiduciary powers and which desires to surrender such right shall file with the Commissioner a certified copy of the resolution of its board of directors signifying such desire. Upon receipt of such resolution, the Commissioner shall make an investigation and if satisfied that the bank has been discharged from all fiduciary duties which it has undertaken, shall issue a certificate to such bank certifying that it is no longer authorized to exercise fiduciary powers.

September 25, 2019 COLLECTIVE INVESTMENT FUNDS

Collective Investment. (Common Trust Funds as in A.C.A. § 28-69-202)

(a) Any common trust fund or collective investment authorized by Arkansas Code Annotated § 28-69-202 shall be established and maintained in accordance with 12 C.F.R. 9.18 as of January 1,2019.

210.00.19 Ark. Code R. 008

Adopted by Arkansas Register Volume XLIII Number 04, Effective 10/6/2019