The Bank Commissioner may forthwith take possession of the business and property of any state trust company to which this chapter is applicable whenever it shall appear that the state trust company:(1) Has violated its charter or any laws applicable thereto;(2) Is conducting its business in an unauthorized or unsafe manner;(3) Is in an unsafe or unsound condition to transact its business;(4) Has an impairment of its capital;(5) Is in a hazardous condition;(6) Has become otherwise insolvent;(7) Has neglected or refused to comply with the terms of a duly issued lawful order of the commissioner;(8) Has refused, upon proper demand, to submit its records, affairs, and concerns for inspection and examination of a duly appointed or authorized examiner of the commissioner;(9) Is employing officers who have refused to be examined upon oath regarding its affairs; or(10) Has made a voluntary assignment of its assets to trustees.Acts 1997, No. 940, § 62.
Arkansas Legal Code