reglab/housing_qa huggingface dataset:
AR Code § 15-4-709 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 7 - Industrial Development Guaranty Bond Act|§ 15-4-709. Arkansas Economic Development Council obligations — Deposit of revenues and net proceeds

 (a) All bonds issued under this subchapter shall be obligations of the Arkansas Economic Development Council only and shall not be obligations of the State of Arkansas and shall not be secured by a lien on any revenues of the State of Arkansas.  (b) The bonds shall be payable from the Guaranty Bond Fund created by this subchapter and the revenues which, pursuant to the provisions of this subchapter, are to be deposited therein.  (c) It shall be stated on the face of each bond that it has been issued under the provisions of this subchapter.  (d) The net proceeds, meaning gross proceeds less all expenses of authorizing and issuing the bonds which shall be first paid out of the proceeds, of all bonds issued under this subchapter shall be deposited into the Revenue Bond Guaranty Reserve Account, except that accrued interest paid by the purchaser shall be deposited into the fund.
AR Code § 15-4-710 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 7 - Industrial Development Guaranty Bond Act|§ 15-4-710. Notice to State Board of Finance — Disposition of bond debt service amount

 (a) The Arkansas Economic Development Council shall notify the State Board of Finance or the appropriate officer, board, or agency then having jurisdiction over the moneys involved when it has determined to issue bonds under this subchapter and the amount that will be needed each month after the bonds are issued to provide for the payment, when due, of interest, principal, trustee's and paying agent's fees and any other necessary expenses and to provide for the establishing and maintaining of reserves, if the council determines to establish reserves. The monthly amount is referred to in this section as the “bond debt service amount”.  (b) After receipt of notice, the board or the appropriate officer, board, or agency then having jurisdiction over the moneys involved shall set aside the bond debt service amount out of interest derived from the investment of state funds pursuant to § 19-3-219 [repealed].  (c) The bond debt service amount shall not be deposited into or deemed to be a part of the State Treasury for purposes of Arkansas Constitution, Article 5, § 29; Arkansas Constitution, Article 16, § 12; Arkansas Constitution, Amendment 20; or any other constitutional or statutory provision, but shall be paid directly to the council for deposit into a special fund of the council in a bank or trust company selected by the council designated “Guaranty Bond Fund”, also known as the “fund”.  (d) Moneys in the fund shall be used to pay interest, principal, trustee's and paying agent's fees and to establish and maintain reserves all as shall be specified by the council in the resolution or trust indenture authorizing and securing the bonds.  (e) The interest earnings, meaning the bond debt service amount transferred directly to the council, are declared to be cash funds restricted in their use and dedicated and to be used solely as authorized in this subchapter.  (f) So long as any bonds issued under this subchapter are unpaid, no changes shall be made in laws of the State of Arkansas which would or could result in the council's not receiving as cash funds amounts of interest equaling the bond debt service amount.
AR Code § 15-4-801 — 15-4-815 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 8 - Arkansas Enterprise Zone Act of 1989|§ 15-4-801 — 15-4-815. [Expired.]

 A.C.R.C. Notes. The practical application of §§ 15-4-801 — 15-4-815 ended in April, 1995.   Publisher's Notes. This subchapter expired June 30, 1995, pursuant to former § 15-4-814. The subchapter was derived from the following sources:   15-4-801. Acts 1989, No. 462, § 1.   15-4-802. Acts 1989, No. 462, § 2.   15-4-803. Acts 1989, No. 462, § 3.   15-4-804. Acts 1989, No. 462, § 4.   15-4-805. Acts 1989, No. 462, § 5.   15-4-806. Acts 1989, No. 462, § 6.   15-4-807. Acts 1989, No. 462, § 7; 1992 (1st Ex. Sess.), No. 58, § 1; 1992 (1st Ex. Sess.), No. 61, § 1.   15-4-808. Acts 1989, No. 462, § 10; 1989 (3rd Ex. Sess.), No. 52, § 1.   15-4-809. Acts 1989, No. 462, § 11.   15-4-810. Acts 1989, No. 462, § 12.   15-4-811. Acts 1989, No. 462, § 9.   15-4-812. Acts 1989, No. 462, § 8.   15-4-813. Acts 1989, No. 462, § 16; 1989, No. 854, § 2.   15-4-814. Acts 1989, No. 462, § 14.   15-4-815. Acts 1993, No. 1142, § 1.   For current law, see the Arkansas Enterprise Zone Act of 1993, § 15-4-1701 et seq.
AR Code § 15-4-1201 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 12 - County and Regional Industrial Development Company Act|§ 15-4-1201. Title

 This subchapter shall be referred to and may be cited as the “County and Regional Industrial Development Company Act”.
AR Code § 15-4-1202 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 12 - County and Regional Industrial Development Company Act|§ 15-4-1202. Definitions

 As used in this subchapter:   (1) “Bank Commissioner” means the Bank Commissioner of the State of Arkansas;  (2) “Board” means the State Banking Board;  (3) “Company” means a county or regional industrial development corporation or limited liability company authorized to be organized under the provisions of this subchapter;  (4) “Financial institution” means any banking corporation or institution, trust company, savings bank, savings and loan association, insurance company, or related corporation, partnership, foundation, or other institution engaged in lending or investing funds;  (5) “Impaired” means, for the purposes of § 15-4-1228, that the capital of the company has been reduced to fifty thousand dollars ($50,000) or less;  (6) “Loan limit” means, for any member, the maximum amount permitted to be outstanding at any one (1) time on loans made by the member to the company, as determined under § 15-4-1218;  (7) “Member” means any financial institution authorized to do business in the State of Arkansas which may undertake to lend money to a company upon its call and in accordance with the provisions of § 15-4-1218;  (8) “Person” includes all natural persons and legal entities;  (9) “Region” means any compact area composed of no fewer than three (3) nor more than fifteen (15) contiguous counties within the State of Arkansas;  (10) “Securities Commissioner” means the Securities Commissioner of the State of Arkansas; and  (11) “Unit of interest” means a participation in the profits interests of a limited liability company so that the total of all the units of interest in a limited liability company shall equal one hundred percent (100%) of the profits interests in the limited liability company.
AR Code § 15-4-1203 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 12 - County and Regional Industrial Development Company Act|§ 15-4-1203. Liberal construction

 (a) This subchapter shall be construed liberally.  (b) The enumeration of any object, purpose, power, manner, method, or thing shall not be deemed to exclude like or similar objects, purposes, powers, manners, methods, or things.
AR Code § 15-4-1204 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 12 - County and Regional Industrial Development Company Act|§ 15-4-1204. Application for preliminary approval

 Any five (5) or more qualified natural persons who shall be bona fide residents of the same county or region in this state to be served by the proposed company and who desire to associate themselves for the purpose of establishing and operating a company may subscribe, acknowledge, and file with the Bank Commissioner for preliminary approval proposed articles of incorporation in the case of a corporation and articles of organization and an operating agreement in the case of a limited liability company, in duplicate, as authorized by § 15-4-1211.
AR Code § 15-4-1205 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 12 - County and Regional Industrial Development Company Act|§ 15-4-1205. Preliminary approval

 (a) If the Bank Commissioner is satisfied that the applicants are bona fide residents of the county or region to be served by the proposed company, that the applicants have the confidence of their respective communities, that, in the case of a regional company, the proposed region constitutes a reasonably compact area with similar economic development needs, that public convenience and necessity require a company, and that the proposed articles of incorporation or articles of organization and operating agreement conform to the provisions of § 15-4-1211, the commissioner shall issue his or her certificate approving the articles of incorporation or articles of organization and operating agreement and authorizing the applicants to proceed with the organization of the company.  (b)  (1) The commissioner shall not refuse a certificate to a regional company solely because one (1) or more county companies have been approved for the counties composing the region.  (2) Provided, however, only one (1) county industrial development company may be organized to serve in each individual county.
AR Code § 15-4-1206 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 12 - County and Regional Industrial Development Company Act|§ 15-4-1206. Organization

 Upon receipt of such certificate of preliminary approval, the applicants may proceed to complete the organization of the company, to obtain subscriptions for and payment of its stock or limited liability units of interest, and to do all other things necessarily incidental to its transacting business.
AR Code § 15-4-1207 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 12 - County and Regional Industrial Development Company Act|§ 15-4-1207. Liability of directors, officers, managers, and members

 The directors and officers of a corporation organized under the provisions of this subchapter and the managers and members of a limited liability company organized under the provisions of this subchapter shall not be responsible for losses of assets of the company unless the losses shall have been occasioned by the willful misconduct of such directors, officers, managers, or members.
AR Code § 15-4-1208 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 12 - County and Regional Industrial Development Company Act|§ 15-4-1208. Certificate of organization

 (a) When the applicants have completed the organization of the proposed company, they shall file with the Bank Commissioner a certificate of organization executed by the chief executive officer of the company, attested by its chief financial officer, and with its seal affixed thereto, certifying:  (1) The names and addresses of all of its subscribers of stock or units of interest of a limited liability company, the number of shares subscribed or the amount of units of interest subscribed in the case of a limited liability company, and the number of shares fully paid for by each in the case of a corporation or the amount of units of interest fully paid for by each in the case of a limited liability company;  (2) The total number of shares of stock or units of interest of a limited liability company subscribed, but not fully paid for;  (3) The total number of shares of stock or units of interest paid in full;  (4) The name and address of the depository or the names and addresses of the depositories, if more than one (1), holding on deposit the funds of the company; and  (5) The names and addresses of the officers, directors, and members of the executive committee, if any, of a corporation and the names and addresses of the managers and members of the management committee of a limited liability company.    (b) The certificate of organization of the applicant shall be accompanied by the certificate of the named depository or by the certificates of the named depositories, if more than one (1), certifying the amount of the funds on deposit to the credit of the company.  (c) The certificate of organization shall also be accompanied by any bylaws or by any regulations which may have been adopted by the directors of a corporation or the operating agreement of a limited liability company.
AR Code § 15-4-1209 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 12 - County and Regional Industrial Development Company Act|§ 15-4-1209. Final investigation and approval by the board

 (a)  (1) Immediately upon the filing of the certificate of organization by the applicants, the Bank Commissioner shall submit to the State Banking Board the proposed articles of incorporation, articles of organization and operating agreement, as appropriate, and the certificate of organization of the applicants.  (2) As soon as practicable thereafter, if the board shall determine from the best sources of information at its command that:  (A) Public convenience and necessity continue to require the company;  (B) The holders of the fully paid common stock of a corporation or units of interest of a limited liability company are at least twenty (20) in number;  (C) Not less than one hundred thousand dollars ($100,000) of common stock or units of interest have been subscribed and fully paid for;  (D) No single stockholder nor related group of stockholders owns more than ten percent (10%) of the voting stock in the case of a corporation or no single member nor related group of members owns more than ten percent (10%) of the units of interest in the case of a limited liability company; and  (E) The bylaws submitted, if any, or the operating agreement is in conformity with the articles of incorporation or articles of organization and the provisions of this subchapter, is not contrary to the laws of the state, and is otherwise satisfactory,      (b)  (1) The commissioner shall also return to the applicants one (1) of the copies of the articles of incorporation or the articles of organization theretofore submitted to the commissioner by the applicants, upon which copy he or she shall have endorsed the fact of the issuance by him or her of the certificate of incorporation or certificate of organization.  (2) If the bylaws, regulations, or the operating agreement are submitted and are found to be satisfactory by the board, the commissioner shall also issue his or her certificate of approval.      the board shall direct the commissioner to issue to the applicants a certificate of incorporation or certificate of organization in such form as it may prescribe.
AR Code § 15-4-1210 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 12 - County and Regional Industrial Development Company Act|§ 15-4-1210. Commencement and continuation of existence

 (a) Upon the issuance of the certificate of incorporation or certificate of organization by the Bank Commissioner, the existence of the company shall begin.  (b) The certificate of incorporation or certificate of organization shall be conclusive evidence, except as against the state, that all conditions precedent required to be performed by the applicants have been complied with and that the company has been organized under this subchapter.  (c) A copy of the articles of incorporation or articles of organization so endorsed by the commissioner, as prescribed in § 15-4-1209, shall be filed for recordation in the office of the county clerk in the county in which the principal office of the company is located, and a copy shall be delivered to the Secretary of the Department of Finance and Administration.  (d) The company shall pay to the commissioner in semiannual billings four hundred dollars ($400) per year to establish and continue its existence and good standing under this subchapter.
AR Code § 15-4-1212 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 12 - County and Regional Industrial Development Company Act|§ 15-4-1212. Amendment to articles of incorporation or articles of organization

 (a) A company organized under the provisions of this subchapter may amend its articles of incorporation or its articles of organization by a majority vote of the common stock in the case of a corporation or by a majority vote of the units of interest of a limited liability company represented in person or by proxy at any regular meeting or at any special meeting of the holders of the common stock or members of the limited liability company called for that purpose.  (b) The power to amend shall include the power to accomplish any desired change in the provisions of the articles of incorporation or articles of organization and to include any purpose, power, or provision authorized to be included in the original articles of incorporation or articles of organization or by later amendment to this subchapter.  (c)  (1) Articles of amendment signed by the chief executive officer and attested by the secretary, an assistant secretary, or another manager certifying to such an amendment and its lawful adoption shall be executed, acknowledged, and filed with the Bank Commissioner and, when approved by the State Banking Board, recorded with the certificate of the commissioner approving the articles of amendment in the same manner as the original articles of incorporation or articles of organization.  (2) As soon as the commissioner shall issue his or her certificate of amendment, the amendment or amendments shall be in effect.
AR Code § 15-4-1213 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 12 - County and Regional Industrial Development Company Act|§ 15-4-1213. Management of company

 (a)  (1) Only the holders of common stock, through the board of directors, shall manage the affairs of a corporation.  (2) Only holders of units of interest in a limited liability company shall manage the affairs of a limited liability company.  (3) Each holder of common stock or each holder of a unit of interest in the limited liability company shall be entitled to one (1) vote, in person or by proxy, for each share of common stock or each unit of interest held by him or her and, in voting for the directors or management committee of the company, shall be entitled to exercise the right of cumulative voting.    (b)  (1)  (A) In the event of the transfer of shares of common stock or units of interest, whether by act of the holder or by operation of law, the name or names of the proposed transferees shall be submitted to the directors of the corporation or to the management committee of the limited liability company and the directors or the management committee may refuse to approve the transfer, in which event the company shall have the option to purchase the shares of common stock or the units of interest at par or stated value.  (B) Shares of common stock or units of interest so purchased shall be cancelled, and shares or units in lieu thereof may be reissued and sold by the company.    (2) In the event that the directors or the management committee do not purchase the shares of common stock or the units of interest subject to transfer, the shares of common stock or the units of interest then may be transferred without the approval of the directors or the management committee.
AR Code § 15-4-1215 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 12 - County and Regional Industrial Development Company Act|§ 15-4-1215. Dividends and distributions

 (a) The directors of a corporation, subject to such limitations as may be set forth in the articles of incorporation or bylaws of the corporation, may declare dividends to the holders of its stock and make partial distribution of its capital surplus pursuant to the provisions of the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq.  (b) The management committee of a limited liability company, subject to such limitations as may be set forth in the articles of organization or the operating agreement, may declare distributions to the holders of the units of interest in the limited liability company consistent with the provisions of the Small Business Entity Tax Pass Through Act, § 4-32-101 et seq.