1. (a) Except in the case of bank holding companies that are reporting companies, the bank or the bank holding company must certify to the Bank Commissioner the:

   1. (1) Number of shares held by the transferee prior to such transfer;
   2. (2) Name of every person known by it to be holding any shares as nominee of the transferee or in trust for or otherwise for the benefit of such transferee; and
   3. (3) Number of shares so held by each such person.
2. (b) In the case of a bank holding company which is a reporting company under the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., the bank holding company shall promptly report after the calendar year end all transactions by any record owner of shares (other than a nominee for an institution) that owns as of the end of such calendar year three percent (3%) or more of the outstanding stock of the bank holding company.

3. (c) Such report shall show for each transaction by such persons the:

   1. (1) Number of shares held by such person prior to such transfer;
   2. (2) Name of every person known by the bank holding company to be holding any shares as nominee of such person or in trust for or otherwise for the benefit of such person; and
   3. (3) Number of shares so held.

Codification Notes: This section was promulgated as Section 48-316.3 of the State Bank Department Rules prior to codification into the Code of Arkansas Rules. This section as promulgated prior to codification into the Code of Arkansas Rules provided as follows: "(Reference A.C.A. § 23-48-316)"