reglab/housing_qa huggingface dataset:
AR Code § 4-35-302 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 3 - Corporations and Associations|Chapter 35 - Water Authority Act|Subchapter 3 - Bond Provisions|§ 4-35-302. Execution of bonds

 (a) Bonds shall be executed by the manual or facsimile signature of the president of the water authority and by the manual or facsimile signature of the secretary of the water authority.  (b) In case an officer whose signature appears on the bonds shall cease to be an officer before the delivery of the bonds, his or her signature shall nevertheless be valid and sufficient for all purposes.  (c) If there is a seal, the bonds shall be sealed with the seal of the water authority.
AR Code § 4-35-304 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 3 - Corporations and Associations|Chapter 35 - Water Authority Act|Subchapter 3 - Bond Provisions|§ 4-35-304. Bonds — Tax exemption

 (a) The principal of and interest on bonds issued under the authority of this subchapter shall be exempt from all state, county, and municipal taxes.  (b) This exemption shall include income, inheritance, and estate taxes.
AR Code § 4-35-305 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 3 - Corporations and Associations|Chapter 35 - Water Authority Act|Subchapter 3 - Bond Provisions|§ 4-35-305. Proceeds from issuance of bonds

 (a) The proceeds derived from all of the bonds other than refunding bonds may be used only to pay the costs of acquiring, constructing, improving, enlarging, and equipping the project with respect to which they were issued, as may be specified in the proceedings in which the bonds are authorized to be issued and all costs incidental thereto, including, without limitation:  (1) The costs of any land forming a part of the project and all easements which may pertain to or be associated with any project;  (2) The costs of the labor, materials, and supplies used in any construction, improvement, and enlargement, including architect's and engineer's fees and the cost of preparing contract documents and advertising for bids along with all other reasonable and necessary project costs;  (3) The purchase price of and the cost of installing equipment for the project;  (4) Legal, fiscal, accounting, and recording fees and expenses incurred in connection with the authorization, sale, and issuance of the bonds issued in connection with the project;  (5) Interest on bonds for a reasonable period prior to, during, and after the time required for the construction and equipment;  (6) The amount necessary to fund a debt service reserve in an amount deemed appropriate by the water authority;  (7) Costs associated with the obtaining of default insurance, ratings, and other credit enhancements of every nature; and  (8) Other operational expenses, reserves, and other accounts of every nature.    (b) If any of the proceeds derived from the issuance of bonds remains undisbursed after completion of the project and the making of all such expenditures, the balance shall be used to pay principal of and interest on the bonds to fund a debt service reserve or for the redemption of bonds of the same issue.
AR Code § 4-35-306 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 3 - Corporations and Associations|Chapter 35 - Water Authority Act|Subchapter 3 - Bond Provisions|§ 4-35-306. Refunding bonds

 (a) A water authority, at any time and from time to time, may issue refunding bonds for the purpose of refunding the principal of and interest on any bonds of the water authority theretofore issued under this subchapter or bonds originally issued by the qualified corporation and then outstanding, whether or not the principal and interest shall have matured at the time of the refunding under this subchapter, and for the payment of any expenses incurred in connection with the refunding and any premium necessary to be paid in order to redeem or retire the bonds to be refunded.  (b) The proceeds derived from the sale of any refunding bonds shall be used only for the purposes for which the refunding bonds were authorized to be issued.  (c)  (1) Any of the refunding may be effected either by sale of the refunding bonds and the application of the proceeds by immediate application or by escrow deposit, with the right to invest moneys in the escrow deposit until needed for the redemption, or by exchange of the refunding bonds for the bonds or interest coupons to be refunded thereby.  (2) However, the holders of any bonds to be refunded shall not be compelled without their consent to surrender their bonds for payment or exchange prior to the date on which they may be paid or redeemed by the water authority under their respective provisions.    (d) Any refunding bonds of the water authority shall be payable solely from the revenues out of which the bonds to be refunded were payable or from those other sources or other revenues which might be identified in the indenture or resolution authorizing the bonds.  (e) All provisions of this chapter pertaining to bonds of the water authority that are not inconsistent with the provisions of this section shall apply also to refunding bonds issued by the water authority to the extent applicable.
AR Code § 4-36-101 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 3 - Corporations and Associations|Chapter 36 - Arkansas Benefit Corporation Act|Subchapter 1 - Preliminary Provisions|§ 4-36-101. Title

 This chapter shall be known and may be cited as the “Arkansas Benefit Corporation Act”.
AR Code § 4-36-102 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 3 - Corporations and Associations|Chapter 36 - Arkansas Benefit Corporation Act|Subchapter 1 - Preliminary Provisions|§ 4-36-102. Application of chapter

 (a) This chapter shall apply to all benefit corporations.  (b) This chapter does not imply that a contrary statute or rule of law applies to a business corporation that is not a benefit corporation.  (c)  (1) Except as otherwise provided in this chapter, the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., is generally applicable to a benefit corporation.  (2) Specific provisions of this chapter shall control over the general provisions of the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq.  (3) A benefit corporation may be simultaneously subject to this chapter and other statutes that provide for the incorporation of a specific type of business corporation.    (d) The articles of incorporation or bylaws of a benefit corporation shall not limit, relax, be inconsistent with, or supersede this chapter.
AR Code § 4-36-104 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 3 - Corporations and Associations|Chapter 36 - Arkansas Benefit Corporation Act|Subchapter 1 - Preliminary Provisions|§ 4-36-104. Formation — Fees

 (a) A benefit corporation shall be formed under the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., and its articles of incorporation shall state that it is a benefit corporation.  (b) The Secretary of State shall collect filing fees, service fees, and fees for copying when documents are delivered to him or her to be filed under this subchapter and under § 4-27-122.
AR Code § 4-36-105 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 3 - Corporations and Associations|Chapter 36 - Arkansas Benefit Corporation Act|Subchapter 1 - Preliminary Provisions|§ 4-36-105. Election of status

 (a) An existing business corporation may become a benefit corporation under this chapter by amending its articles of incorporation so that they contain, in addition to the requirements of § 4-27-202, a statement that the corporation is a benefit corporation.  (b) To be effective, an amendment shall be adopted by at least the minimum status vote.  (c) If an entity is not a benefit corporation but is a constituent corporation or organization in a merger or conversion with a benefit corporation, the merger or conversion shall be approved by at least the minimum status vote.
AR Code § 4-36-106 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 3 - Corporations and Associations|Chapter 36 - Arkansas Benefit Corporation Act|Subchapter 1 - Preliminary Provisions|§ 4-36-106. Termination of status

 (a) A benefit corporation may end its benefit corporation status and not be subject to this chapter by amending its articles of incorporation to delete the statement in the articles of incorporation required by § 4-36-104 or § 4-36-105 to be stated in the articles of incorporation of a benefit corporation.  (b) To be effective, the amendment shall be adopted by at least the minimum status vote.  (c) If a merger or conversion would have the effect of terminating the status of a business corporation as a benefit corporation, to be effective, the merger or conversion shall be approved by at least the minimum status vote.  (d) A sale, lease, exchange, or other disposition of all or a substantial part of the assets of a benefit corporation, unless the transaction is in the usual and regular course of business, shall not be effective unless the transaction is approved by at least the minimum status vote.
AR Code § 4-36-201 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 3 - Corporations and Associations|Chapter 36 - Arkansas Benefit Corporation Act|Subchapter 2 - Corporate Purposes|§ 4-36-201. Corporate purposes

 (a) A benefit corporation shall have a purpose of creating a general public benefit and it is in addition to its purpose under § 4-36-103(a)(5).  (b)  (1) The articles of incorporation of a benefit corporation may identify one (1) or more specific public benefits that it is the purpose of the benefit corporation to pursue in addition to its purposes under § 4-36-103(a)(5) and subsection (a) of this section.  (2) The identification of a specific public benefit under this subsection does not limit the obligation of a benefit corporation under subsection (a) of this section.    (c) The creation of a general public benefit and a specific public benefit under subsections (a) and (b) of this section is in the best interests of the benefit corporation.  (d)  (1) A benefit corporation may amend its articles of incorporation to add, amend, or delete the identification of a specific public benefit that it is the purpose of the benefit corporation to pursue.  (2) To be effective, the amendment shall be adopted by at least the minimum status vote.    (e) A professional corporation that is a benefit corporation does not violate the Arkansas Professional Corporation Act, § 4-29-201 et seq., by having the purpose to pursue a general public benefit or a specific public benefit.
AR Code § 4-36-301 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 3 - Corporations and Associations|Chapter 36 - Arkansas Benefit Corporation Act|Subchapter 3 - Accountability|§ 4-36-301. Standard of conduct for directors

 (a) In discharging the duties of their respective positions and in considering the best interests of the benefit corporation, the board of directors, committees of the board, and individual directors of a benefit corporation:  (1) Shall consider the effects of an action or inaction on:  (A) The shareholders of the benefit corporation;  (B) The employees and work force of the benefit corporation, its subsidiaries, and its suppliers;  (C) The interests of customers as beneficiaries of the general public benefit or specific public benefit purposes of the benefit corporation;  (D) Community and societal factors, including those of each community in which offices or facilities of the benefit corporation, its subsidiaries, or its suppliers are located;  (E) The local and global environment;  (F) The short-term and long-term interests of the benefit corporation, including benefits that may accrue to the benefit corporation from its long-term plans and the possibility that these interests may be best served by the continued independence of the benefit corporation; and  (G) The ability of the benefit corporation to accomplish its general public benefit purpose and a specific public benefit purpose;    (2) May consider other pertinent factors or the interests of a group that they consider appropriate; and  (3) Need not give priority to the interests of a particular person or group referred to in subdivision (a)(1) or subdivision (a)(2) of this section over the interests of another person or group unless the benefit corporation has stated in its articles of incorporation its intention to give priority to certain interests related to its accomplishment of its general public benefit purpose or of a specific public benefit purpose identified in its articles of incorporation.    (b) The consideration of interests and factors required by subsection (a) of this section does not constitute a violation of § 4-27-801.  (c) A director is not personally liable for monetary damages for:  (1) Action taken as a director if the director performed the duties of office in compliance with § 4-27-801; or  (2) Failure of the benefit corporation to pursue a general public benefit or a specific public benefit.    (d) A director does not have a duty to a person that is a beneficiary of a general public benefit purpose or a specific public benefit purpose of a benefit corporation arising from the status of the person as a beneficiary.
AR Code § 4-36-302 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 3 - Corporations and Associations|Chapter 36 - Arkansas Benefit Corporation Act|Subchapter 3 - Accountability|§ 4-36-302. Benefit director

 (a) The board of directors of a benefit corporation may include a director who:  (1) Is designated the benefit director; and  (2) Has the powers, duties, rights, and immunities provided in this subchapter in addition to the powers, duties, rights, and immunities of the other directors of the benefit corporation.    (b)  (1) The benefit director is elected and may be removed under § 4-27-803.  (2) The benefit director shall be an independent individual.    (c) The benefit director may serve concurrently as the benefit officer and the benefit director.  (d) The articles of incorporation or bylaws of a benefit corporation may prescribe additional qualifications of the benefit director not inconsistent with this section.  (e) The benefit director shall prepare and the benefit corporation shall include in the annual benefit report to shareholders as required by § 4-36-401 the opinion of the benefit director on:  (1) Whether the benefit corporation acted under its general public benefit purpose and a specific public benefit purpose in all material respects during the period covered by the report;  (2) Whether the directors complied with § 4-36-301(a) and the officers complied with § 4-36-303(a); and  (3) Whether the benefit corporation or its directors or officers failed to comply with this section, including a description of the ways in which the benefit corporation or its directors or officers failed to comply.    (f) The action or inaction of an individual in the capacity of a benefit director is an action or inaction of that individual in the capacity of a director of the benefit corporation.  (g) Regardless of whether the bylaws of a benefit corporation include a provision eliminating or limiting the personal liability of directors authorized by § 4-26-811, a benefit director shall not be personally liable for an act or omission in the capacity of a benefit director unless the act or omission constitutes self-dealing, willful misconduct, or a knowing violation of law.  (h) The benefit director of a professional corporation does not need to be independent.
AR Code § 4-36-303 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 3 - Corporations and Associations|Chapter 36 - Arkansas Benefit Corporation Act|Subchapter 3 - Accountability|§ 4-36-303. Standard of conduct for officers

 (a) An officer of a benefit corporation shall consider the interests and factors described in § 4-36-301 if:  (1) The officer has discretion to act with respect to a matter; and  (2) It reasonably appears to the officer that the matter may have a material effect on the creation by the benefit corporation of a general public benefit or a specific public benefit identified in the articles of incorporation of the benefit corporation.    (b) The consideration of interests and factors described in subsection (a) of this section shall not constitute a violation of § 4-27-841.  (c) An officer is not personally liable for monetary damages for:  (1) An action or omission as an officer if the officer performed the duties of the position in compliance with § 4-27-841 and this section; or  (2) Failure of the benefit corporation to pursue a general public benefit or a specific public benefit.    (d) An officer does not have a duty to a person that is a beneficiary of a general public benefit purpose or a specific public benefit purpose of a benefit corporation arising from the status of the person as a beneficiary.
AR Code § 4-36-304 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 3 - Corporations and Associations|Chapter 36 - Arkansas Benefit Corporation Act|Subchapter 3 - Accountability|§ 4-36-304. Benefit officer

 (a) A benefit corporation may have an officer designated as the benefit officer.  (b) A benefit officer shall have:  (1) The powers and duties relating to the purpose of the corporation to pursue a general public benefit or a specific public benefit provided:  (A) By the bylaws; or  (B) Absent controlling provisions in the bylaws, by resolutions or orders of the board of directors; and    (2) The duty to prepare the benefit report required by § 4-36-401.
AR Code § 4-36-305 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 3 - Corporations and Associations|Chapter 36 - Arkansas Benefit Corporation Act|Subchapter 3 - Accountability|§ 4-36-305. Right of action

 (a) Except in a benefit enforcement proceeding, a person may not bring an action or assert a claim against a benefit corporation or its directors or officers with respect to:  (1) Failure to pursue or create a general public benefit or a specific public benefit stated in its articles of incorporation; or  (2) Violation of a duty or standard of conduct under this chapter.    (b) A benefit corporation shall not be liable for monetary damages under this chapter for the failure of the benefit corporation to pursue a general public benefit or a specific public benefit.  (c) A benefit enforcement proceeding may begin and be maintained only:  (1) Directly by the benefit corporation; or  (2) Derivatively by:  (A) A shareholder;  (B) A director;  (C) A person or group of persons that owns beneficially or of record five percent (5%) or more of the equity interest in an entity of which the benefit corporation is a subsidiary at the time of the action or inaction complained of; or  (D) Other persons as named in the articles of incorporation or bylaws of the benefit corporation.
AR Code § 4-37-101 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 3 - Corporations and Associations|Chapter 37 - Uniform Protected Series Act|Subchapter 1 - General Provisions|§ 4-37-101. Short title

 This chapter may be cited as the “Uniform Protected Series Act”.
AR Code § 4-37-103 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 3 - Corporations and Associations|Chapter 37 - Uniform Protected Series Act|Subchapter 1 - General Provisions|§ 4-37-103. Nature of protected series

 A protected series of a series limited liability company is a person distinct from:   (1) the company, subject to § 4-37-104(c), § 4-37-501(1), and § 4-37-502(d);  (2) another protected series of the company;  (3) a member of the company, whether or not the member is an associated member of the protected series;  (4) a protected-series transferee of a protected series of the company; and  (5) a transferee of a transferable interest of the company.
AR Code § 4-37-104 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 3 - Corporations and Associations|Chapter 37 - Uniform Protected Series Act|Subchapter 1 - General Provisions|§ 4-37-104. Powers and duration of protected series

 (a) A protected series of a series limited liability company has the capacity to sue and be sued in its own name.  (b) Except as otherwise provided in subsections (c) and (d), a protected series of a series limited liability company has the same powers and purposes as the company.  (c) A protected series of a series limited liability company ceases to exist not later than when the company completes its winding up.  (d) A protected series of a series limited liability company may not:  (1) be a member of the company;  (2) establish a protected series; or  (3) except as permitted by law of this state other than this chapter, have a purpose or power that the law of this state other than this chapter prohibits a limited liability company from doing or having.
AR Code § 4-37-106 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 3 - Corporations and Associations|Chapter 37 - Uniform Protected Series Act|Subchapter 1 - General Provisions|§ 4-37-106. Relation of operating agreement, this chapter, and the Small Business Entity Tax Pass Through Act

 (a) Except as otherwise provided in this section and subject to § 4-37-107 and § 4-37-108, the operating agreement of a series limited liability company governs:  (1) the internal affairs of a protected series, including:  (A) relations among any associated members of the protected series;  (B) relations among the protected series and:  (i) any associated member;  (ii) the protected-series manager; or  (iii) any protected-series transferee;    (C) relations between any associated member and:  (i) the protected-series manager: or  (ii) any protected-series transferee;    (D) the rights and duties of a protected-series manager;  (E) governance decisions affecting the activities and affairs of the protected series and the conduct of those activities and affairs; and  (F) procedures and conditions for becoming an associated member or protected-series transferee;    (2) relations among the protected series, the company, and any other protected series of the company;  (3) relations between:  (A) the protected series, its protected-series manager, any associated member of the protected series, or any protected-series transferee of the protected series; and  (B) a person in the person's capacity as:  (i) a member of the company which is not an associated member of the protected series;  (ii) a protected-series transferee or protected-series manager of another protected series; or  (iii) a transferee of the company.        (b) If the Small Business Entity Tax Pass Through Act, § 4-32-101 et seq., restricts the power of an operating agreement to affect a matter, the restriction applies to a matter under this chapter in accordance with § 4-37-108.  (c) If law of this state other than this chapter imposes a prohibition, limitation, requirement, condition, obligation, liability, or other restriction on a limited liability company, a member, manager, or other agent of the company, or a transferee of the company, except as otherwise provided in law of this state other than this chapter, the restriction applies in accordance with § 4-37-108.  (d) Except as otherwise provided in § 4-37-107, if the operating agreement of a series limited liability company does not provide for a matter described in subsection (a) in a manner permitted by this chapter, the matter is determined in accordance with the following rules:  (1) To the extent this chapter addresses the matter, this chapter governs.  (2) To the extent this chapter does not address the matter, the Small Business Entity Tax Pass Through Act, § 4-32-101 et seq., governs the matter in accordance with § 4-37-108.