reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 9 - ARKANSAS DEVELOPMENT FINANCE CORPORATION ACT (§§ 15-4-901 — 15-4-927) › Section 15-4-908 - [Repealed]

Repealed by Act 2017, No. 426,§ 3, eff. 8/1/2017.
Acts 1957, No. 567, § 4; A.S.A. 1947, § 67-1604.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 9 - ARKANSAS DEVELOPMENT FINANCE CORPORATION ACT (§§ 15-4-901 — 15-4-927) › Section 15-4-909 - [Repealed]

Repealed by Act 2017, No. 426,§ 3, eff. 8/1/2017.
Acts 1957, No. 567, § 5; A.S.A. 1947, § 67-1605.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 9 - ARKANSAS DEVELOPMENT FINANCE CORPORATION ACT (§§ 15-4-901 — 15-4-927) › Section 15-4-910 - [Repealed]

Repealed by Act 2017, No. 426,§ 3, eff. 8/1/2017.
Acts 1957, No. 567, § 6; A.S.A. 1947, § 67-1606.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 9 - ARKANSAS DEVELOPMENT FINANCE CORPORATION ACT (§§ 15-4-901 — 15-4-927) › Section 15-4-911 - [Repealed]

Repealed by Act 2017, No. 426,§ 3, eff. 8/1/2017.
Acts 1957, No. 567, § 7; A.S.A. 1947, § 67-1607.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 9 - ARKANSAS DEVELOPMENT FINANCE CORPORATION ACT (§§ 15-4-901 — 15-4-927) › Section 15-4-912 - [Repealed]

Repealed by Act 2017, No. 426,§ 3, eff. 8/1/2017.
Acts 1957, No. 567, § 8; A.S.A. 1947, § 67-1608.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 9 - ARKANSAS DEVELOPMENT FINANCE CORPORATION ACT (§§ 15-4-901 — 15-4-927) › Section 15-4-913 - [Repealed]

Repealed by Act 2017, No. 426,§ 3, eff. 8/1/2017.
Acts 1957, No. 567, § 9; A.S.A. 1947, § 67-1609.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 9 - ARKANSAS DEVELOPMENT FINANCE CORPORATION ACT (§§ 15-4-901 — 15-4-927) › Section 15-4-914 - [Repealed]

Repealed by Act 2017, No. 426,§ 3, eff. 8/1/2017.
Acts 1957, No. 567, § 11; 1985, No. 667, § 3; A.S.A. 1947, § 67-1611.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 9 - ARKANSAS DEVELOPMENT FINANCE CORPORATION ACT (§§ 15-4-901 — 15-4-927) › Section 15-4-915 - [Repealed]

Repealed by Act 2017, No. 426,§ 3, eff. 8/1/2017.
Amended by Act 2015EX1, No. 8,§ 90, eff. 7/1/2015.
Amended by Act 2015EX1, No. 7,§ 90, eff. 7/1/2015.
Acts 1957, No. 567, § 12; 1985, No. 667, § 4; A.S.A. 1947, § 67-1612; Acts 1997, No. 540, § 78.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 9 - ARKANSAS DEVELOPMENT FINANCE CORPORATION ACT (§§ 15-4-901 — 15-4-927) › Section 15-4-916 - [Repealed]

Repealed by Act 2017, No. 426,§ 3, eff. 8/1/2017.
Acts 1957, No. 567, § 13; 1985, No. 667, § 6; A.S.A. 1947, § 67-1613.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 9 - ARKANSAS DEVELOPMENT FINANCE CORPORATION ACT (§§ 15-4-901 — 15-4-927) › Section 15-4-917 - [Repealed]

Repealed by Act 2017, No. 426,§ 3, eff. 8/1/2017.
Acts 1957, No. 567, § 14; A.S.A. 1947, § 67-1614.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 9 - ARKANSAS DEVELOPMENT FINANCE CORPORATION ACT (§§ 15-4-901 — 15-4-927) › Section 15-4-918 - [Repealed]

Repealed by Act 2017, No. 426,§ 3, eff. 8/1/2017.
Acts 1957, No. 567, § 14; A.S.A. 1947, § 67-1614.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 9 - ARKANSAS DEVELOPMENT FINANCE CORPORATION ACT (§§ 15-4-901 — 15-4-927) › Section 15-4-919 - [Repealed]

Repealed by Act 2017, No. 426,§ 3, eff. 8/1/2017.
Acts 1957, No. 567, § 15; A.S.A. 1947, § 67-1615.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 9 - ARKANSAS DEVELOPMENT FINANCE CORPORATION ACT (§§ 15-4-901 — 15-4-927) › Section 15-4-920 - [Repealed]

Repealed by Act 2017, No. 426,§ 3, eff. 8/1/2017.
Acts 1957, No. 567, § 20; A.S.A. 1947, § 67-1620.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 9 - ARKANSAS DEVELOPMENT FINANCE CORPORATION ACT (§§ 15-4-901 — 15-4-927) › Section 15-4-921 - [Repealed]

Repealed by Act 2017, No. 426,§ 3, eff. 8/1/2017.
Acts 1957, No. 567, § 21; A.S.A. 1947, § 67-1621.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 9 - ARKANSAS DEVELOPMENT FINANCE CORPORATION ACT (§§ 15-4-901 — 15-4-927) › Section 15-4-922 - [Repealed]

Repealed by Act 2017, No. 426,§ 3, eff. 8/1/2017.
Acts 1957, No. 567, § 17; A.S.A. 1947, § 67-1617.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 9 - ARKANSAS DEVELOPMENT FINANCE CORPORATION ACT (§§ 15-4-901 — 15-4-927) › Section 15-4-923 - [Repealed]

Repealed by Act 2017, No. 426,§ 3, eff. 8/1/2017.
Acts 1957, No. 567, § 18; 1985, No. 667, § 5; A.S.A. 1947, § 67-1618.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 9 - ARKANSAS DEVELOPMENT FINANCE CORPORATION ACT (§§ 15-4-901 — 15-4-927) › Section 15-4-924 - [Repealed]

Repealed by Act 2017, No. 426,§ 3, eff. 8/1/2017.
Acts 1957, No. 567, § 22; A.S.A. 1947, § 67-1622.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 9 - ARKANSAS DEVELOPMENT FINANCE CORPORATION ACT (§§ 15-4-901 — 15-4-927) › Section 15-4-925 - [Repealed]

Repealed by Act 2017, No. 426,§ 3, eff. 8/1/2017.
Acts 1957, No. 567, § 23; A.S.A. 1947, § 67-1623.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 9 - ARKANSAS DEVELOPMENT FINANCE CORPORATION ACT (§§ 15-4-901 — 15-4-927) › Section 15-4-926 - [Repealed]

Repealed by Act 2017, No. 426,§ 3, eff. 8/1/2017.
Acts 1957, No. 567, § 24; A.S.A. 1947, § 67-1624.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 9 - ARKANSAS DEVELOPMENT FINANCE CORPORATION ACT (§§ 15-4-901 — 15-4-927) › Section 15-4-927 - [Repealed]

Repealed by Act 2017, No. 426,§ 3, eff. 8/1/2017.
Acts 1957, No. 567, § 16; A.S.A. 1947, § 67-1616.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1001 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Acts 1985, No. 410, § 1; A.S.A. 1947, § 67-1627; Acts 2003, No. 860, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1002 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Acts 1985, No. 410, § 2; A.S.A. 1947, § 67-1628; Acts 2003, No. 860, § 1; 2007, No. 15, § 2.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1003 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Acts 1985, No. 410, § 29; A.S.A. 1947, § 67-1655.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1004 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Acts 1985, No. 410, § 3; A.S.A. 1947, § 67-1629; Acts 2003, No. 860, § 2.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1008 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Amended by Act 2015EX1, No. 8,§ 91, eff. 7/1/2015.
Amended by Act 2015EX1, No. 7,§ 91, eff. 7/1/2015.
Acts 1985, No. 410, § 7; A.S.A. 1947, § 67-1633; Acts 1997, No. 540, § 79; 2003, No. 860, § 4; 2005, No. 1759, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1009 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Acts 1985, No. 410, § 16; A.S.A. 1947, § 67-1642; Acts 2003, No. 860, § 4.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1011 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Acts 1985, No. 410, § 9; A.S.A. 1947, § 67-1635; Acts 2003, No. 860, § 6.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1012 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Acts 1985, No. 410, § 10; A.S.A. 1947, § 67-1636; Acts 2003, No. 860, § 6.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1013 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Acts 1985, No. 410, § 11; A.S.A. 1947, § 67-1637; Acts 2003, No. 860, § 6.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1014 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Acts 1985, No. 410, § 12; A.S.A. 1947, § 67-1638; Acts 2003, No. 860, § 6.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1015 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Acts 1985, No. 410, § 13; A.S.A. 1947, § 67-1639; Acts 2003, No. 860, § 6; 2005, No. 1759, § 2.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1016 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Acts 1985, No. 410, § 14; A.S.A. 1947, § 67-1640; Acts 2003, No. 860, § 6.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1017 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Acts 1985, No. 410, § 15; A.S.A. 1947, § 67-1641; Acts 2003, No. 860, § 6.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1018 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Acts 1985, No. 410, § 18; A.S.A. 1947, § 67-1644; Acts 2003, No. 860, § 6.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1019 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Acts 1985, No. 410, § 19; A.S.A. 1947, § 67-1645; Acts 2003, No. 860, § 6.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1022 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Acts 1985, No. 410, § 22; A.S.A. 1947, § 67-1648; Acts 2003, No. 860, § 8.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1023 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Acts 1985, No. 410, § 23; A.S.A. 1947, § 67-1649; Acts 2003, No. 860, § 8.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1024 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Acts 1985, No. 410, § 24; A.S.A. 1947, § 67-1650; Acts 2003, No. 860, § 8.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1025 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Acts 1985, No. 410, § 25; A.S.A. 1947, § 67-1651; Acts 2003, No. 860, § 8.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1026 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017, without reference to the amendment by Act 2017, No. 374.
Amended by Act 2017, No. 374,§ 4, eff. 8/1/2017.
Acts 1985, No. 410, § 26; A.S.A. 1947, § 67-1652; Acts 1991, No. 333, § 1; 2003, No. 860, § 8; 2005, No. 1232, § 4; 2005, No. 1759, §§ 3, 4; 2007, No. 566, §§ 2, 3.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1027 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Acts 1985, No. 410, § 27; A.S.A. 1947, § 67-1653; Acts 2003, No. 860, § 8.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1028 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Acts 1985, No. 410, § 28; A.S.A. 1947, § 67-1654; Acts 2003, No. 860, § 8; 2005, No. 1994, § 300.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1029 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Acts 1985, No. 410, § 17; A.S.A. 1947, § 67-1643; Acts 2003, No. 860, § 8; 2005, No. 1759, § 5.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1030 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Acts 2003, No. 860, § 9.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 10 - ARKANSAS CAPITAL DEVELOPMENT COMPANY ACT (§§ 15-4-1001 — 15-4-1031) › Section 15-4-1031 - [Repealed]

Repealed by Act 2017, No. 426,§ 4, eff. 8/1/2017.
Acts 2003, No. 860, § 9.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 12 - COUNTY AND REGIONAL INDUSTRIAL DEVELOPMENT COMPANY ACT (§§ 15-4-1201 — 15-4-1228) › Section 15-4-1201 - Title

This subchapter shall be referred to and may be cited as the "County and Regional Industrial Development Company Act".
Acts 1991, No. 1029, § 1; 1999, No. 37, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 12 - COUNTY AND REGIONAL INDUSTRIAL DEVELOPMENT COMPANY ACT (§§ 15-4-1201 — 15-4-1228) › Section 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.
Acts 1991, No. 1029, § 2; 1999, No. 37, § 2.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 12 - COUNTY AND REGIONAL INDUSTRIAL DEVELOPMENT COMPANY ACT (§§ 15-4-1201 — 15-4-1228) › Section 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.
Acts 1991, No. 1029, § 27.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 12 - COUNTY AND REGIONAL INDUSTRIAL DEVELOPMENT COMPANY ACT (§§ 15-4-1201 — 15-4-1228) › Section 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
.
Acts 1991, No. 1029, § 3; 1999, No. 37, § 3.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 12 - COUNTY AND REGIONAL INDUSTRIAL DEVELOPMENT COMPANY ACT (§§ 15-4-1201 — 15-4-1228) › Section 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.
Acts 1991, No. 1029, § 4; 1999, No. 37, § 4.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 12 - COUNTY AND REGIONAL INDUSTRIAL DEVELOPMENT COMPANY ACT (§§ 15-4-1201 — 15-4-1228) › Section 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.
Acts 1991, No. 1029, § 5; 1999, No. 37, § 5.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 12 - COUNTY AND REGIONAL INDUSTRIAL DEVELOPMENT COMPANY ACT (§§ 15-4-1201 — 15-4-1228) › Section 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.
Acts 1991, No. 1029, § 14; 1999, No. 37, § 6.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 12 - COUNTY AND REGIONAL INDUSTRIAL DEVELOPMENT COMPANY ACT (§§ 15-4-1201 — 15-4-1228) › Section 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.
Acts 1991, No. 1029, § 6; 1999, No. 37, § 7.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 12 - COUNTY AND REGIONAL INDUSTRIAL DEVELOPMENT COMPANY ACT (§§ 15-4-1201 — 15-4-1228) › Section 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,
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.
(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.
Acts 1991, No. 1029, § 7; 1999, No. 37, § 8.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 12 - COUNTY AND REGIONAL INDUSTRIAL DEVELOPMENT COMPANY ACT (§§ 15-4-1201 — 15-4-1228) › Section 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.
Amended by Act 2019, No. 910,§ 3395, eff. 7/1/2019.
Acts 1991, No. 1029, § 8; 1999, No. 37, § 9.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 12 - COUNTY AND REGIONAL INDUSTRIAL DEVELOPMENT COMPANY ACT (§§ 15-4-1201 — 15-4-1228) › Section 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.
Acts 1991, No. 1029, § 10; 1999, No. 37, § 11.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 12 - COUNTY AND REGIONAL INDUSTRIAL DEVELOPMENT COMPANY ACT (§§ 15-4-1201 — 15-4-1228) › Section 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.
Acts 1991, No. 1029, § 11; 1999, No. 37, § 12.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 12 - COUNTY AND REGIONAL INDUSTRIAL DEVELOPMENT COMPANY ACT (§§ 15-4-1201 — 15-4-1228) › Section 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 Uniform Limited Liability Company Act, §
4-38-101
et seq.
Amended by Act 2021, No. 1041,§ 30, eff. 7/28/2021.
Acts 1991, No. 1029, § 13; 1999, No. 37, § 14.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 12 - COUNTY AND REGIONAL INDUSTRIAL DEVELOPMENT COMPANY ACT (§§ 15-4-1201 — 15-4-1228) › Section 15-4-1217 - Authority of other corporations and financial institutions

Notwithstanding any rule at common law or any provision of law or any provision in their respective articles of incorporation:
(1)
All domestic corporations, including nonprofit corporations and associations, organized for the purpose of carrying on business within this state, including, without implied limitation, any public utility, and all trusts, are authorized to acquire, purchase, hold, sell, assign, transfer, mortgage, pledge, or otherwise dispose of any bonds, notes, securities, or other evidences of indebtedness created pursuant to this subchapter or the shares of the common stock or the units of interest of a company organized under this subchapter and, while owners of the stock or units of interest, to exercise all the rights, powers, and privileges of ownership, including the right to vote thereon, all without the approval of any regulatory authority of the state;
(2)
All financial institutions are authorized to become members of the company and to make loans to the company as provided in this subchapter;
(3)
A financial institution which does not become a member of the company shall not be permitted to acquire any shares of the common stock or units of interest of the company; and
(4)
(A)
(i)
Each financial institution which becomes a member of the company is authorized to acquire, purchase, hold, sell, assign, transfer, mortgage, pledge, or otherwise dispose of any bonds, notes, securities, or other evidences of indebtedness created pursuant to this subchapter or the shares of the common stock or the units of interest of the company and, while owners of the stock or units of interest, to exercise all the rights, powers, and privileges of ownership, including the right to vote thereon, all without the approval of any regulatory authority of the state.
(ii)
However, the amount of the common stock of a corporation or the units of interest of a limited liability company which may be acquired by any member pursuant to the authority granted in this section shall not exceed ten percent (10%) of the loan limit of each member.
(B)
The common stock or the units of interest of a company organized under this subchapter which any member is authorized to acquire pursuant to the authority granted in this section is in addition to the amount of common stock in corporations or units of interest in other business entities which the member may otherwise be authorized to acquire.
Acts 1991, No. 1029, § 17; 1999, No. 37, § 16.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 12 - COUNTY AND REGIONAL INDUSTRIAL DEVELOPMENT COMPANY ACT (§§ 15-4-1201 — 15-4-1228) › Section 15-4-1219 - Withdrawal of members

(a)
(1)
Membership in a company shall be for an indeterminate period not to exceed the termination date of the company stated in its articles of incorporation or articles of organization.
(2)
Provided, however, that:
(A)
Upon written notice given to a company five (5) years in advance, a member may withdraw from membership in the company at the expiration date of the notice; or
(B)
(i)
In the event that a member, herein called a "constituent member", shall consolidate with, merge into, or sell all or substantially all of its property and assets to another financial institution, herein called the "continuing institution", the board of directors or the management committee may permit, in such manner as it determines, the withdrawal of the constituent member from membership in the company if the continuing institution at the time of the withdrawal is a member and has assumed any obligation of the constituent member to make loans to the company.
(ii)
If the continuing institution is not a member prior to the consolidation, merger, or sale, the assumed obligation shall be discharged at the time the continuing institution becomes a member.
(b)
A member shall not be obligated to make any loans to the company pursuant to calls made either before or after the withdrawal of the member.
Acts 1991, No. 1029, § 19; 1999, No. 37, § 18.