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 2 - ARKANSAS ECONOMIC DEVELOPMENT COUNCIL (§§ 15-4-201 — 15-4-220) › Section 15-4-220 - Audit of economic incentive programs

(a)
In order to provide information to the General Assembly regarding the benefits of certain economic incentive programs, Arkansas Legislative Audit shall prepare annually a cost-benefit analysis of the projects provided incentives under the Consolidated Incentive Act of 2003, §
15-4-2701
et seq.
(b)
The analysis may include without limitation:
(1)
The dollar amount of incentives actually provided;
(2)
The direct, indirect, and induced state tax benefits associated with each project, including without limitation:
(A)
Estimated tax revenues;
(B)
Full-time equivalent jobs created;
(C)
Wages; and
(D)
Investment; and
(3)
The safeguards to protect noneconomic influences in the award of incentives.
(c)
(1)
The analysis required under subsection (a) of this section may be conducted on a rotating basis so that each project is evaluated at least one (1) time before the completion of the financial incentive agreement under the Consolidated Incentive Act of 2003, §
15-4-2701
et seq.
(2)
If the staff of Arkansas Legislative Audit is insufficient to conduct the scheduled analysis in a given year, the executive committee of the Legislative Joint Auditing Committee may establish the priority and number of projects that can be reasonably analyzed with the available resources for a particular year.
(d)
(1)
All records, data, and other information from whatever source that the Legislative Auditor deems necessary in the examination of the incentive programs shall be made available to Arkansas Legislative Audit.
(2)
However, this subsection does not authorize publication of information protected from publication by law.
(3)
Records and information exempt from public disclosure shall remain exempt in the custody of Arkansas Legislative Audit.
(e)
Arkansas Legislative Audit and the Arkansas Economic Development Commission shall enter into a memorandum of understanding concerning the need for common definitions and rules for evaluating economic incentive projects.
Amended by Act 2013, No. 1185,§ 1, eff. 8/16/2013.
Acts 2005, No. 1769, § 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 3 - MINORITY AND WOMEN - OWNED BUSINESS ECONOMIC DEVELOPMENT ACT (§§ 15-4-301 — 15-4-315) › Section 15-4-301 - Title

This subchapter shall be known and may be cited as the "Minority and Women-Owned Business Economic Development Act".
Amended by Act 2017, No. 1080,§ 1, eff. 8/1/2017.
Acts 1977, No. 544, § 2; A.S.A. 1947, § 5-916.3; Acts 1997, No. 540, § 69; 2009, No. 1222, § 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 3 - MINORITY AND WOMEN - OWNED BUSINESS ECONOMIC DEVELOPMENT ACT (§§ 15-4-301 — 15-4-315) › Section 15-4-302 - Purpose - Goals - Notice

(a)
The General Assembly finds that it is the policy of the State of Arkansas to support equal opportunity as well as economic development in every sector.
(b)
The General Assembly recognizes that it is the purpose of this subchapter to support to the fullest all possible participation of firms owned and controlled by minority persons and women in state-funded and state-directed public construction programs and in the purchase of goods and services for the state.
(c)
All state agencies shall attempt to ensure that the following percentages of the total amount expended in state-funded and state-directed public construction programs and in the purchase of goods and services for the state each fiscal year are paid to minority business enterprises and women-owned business enterprises:
(1)
(A)
For minority business enterprises, ten percent (10%).
(B)
The ten-percent goal under subdivision (c)(1)(A) of this section shall be allocated as follows:
(i)
Two percent (2%) for service-disabled veteran-owned minority business enterprises; and
(ii)
Eight percent (8%) for all other minority business enterprises; and
(2)
For women-owned business enterprises, five percent (5%).
(d)
To facilitate notification of potential respondents to procurement solicitations, a state agency shall publish all state contract solicitations on the website of the Office of State Procurement.
Amended by Act 2017, No. 1080,§ 1, eff. 8/1/2017.
Acts 1977, No. 544, § 1; 1979, No. 1060, § 9; 1983, No. 644, § 1; A.S.A. 1947, §§ 5-916.2, 5-916.2a, 5-916.2a note; Acts 1997, No. 540, §§ 24, 70; 2009, No. 1222, § 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 3 - MINORITY AND WOMEN - OWNED BUSINESS ECONOMIC DEVELOPMENT ACT (§§ 15-4-301 — 15-4-315) › Section 15-4-303 - Definitions

As used in this subchapter:
(1)
(A)
"Exempt" means goods and services classified as exempt for the purpose of administering this subchapter.
(B)
The classification shall be determined by the Office of State Procurement and the Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission and submitted to the Arkansas Economic Development Council for its review and consideration for the purposes of this subchapter;
(2)
"Minority" means a lawful permanent resident of this state who is:
(A)
African American;
(B)
Hispanic American;
(C)
American Indian;
(D)
Asian American;
(E)
Pacific Islander American; or
(F)
A service-disabled veteran as designated by the United States Department of Veterans Affairs;
(3)
"Minority and women-owned business officer" means the individual within each state agency with the responsibility for carrying out the intended purposes of this subchapter;
(4)
"Minority business enterprise" means a business that is at least fifty-one percent (51%) owned by one (1) or more minority persons as defined in this section;
(5)
(A)
"Nonexempt" means goods and services classified as nonexempt for the purpose of administering this subchapter.
(B)
The classification shall be determined by the Office of State Procurement and the division and submitted to the council for its review and consideration for the purposes of this subchapter;
(6)
"Procurement" means buying, purchasing, renting, leasing, or otherwise acquiring any goods or services;
(7)
"State agency" means a department, an office, a board, a commission, or an institution of this state, including a state-supported institution of higher education;
(8)
"State contract" means a state agreement, regardless of what it may be called, for the purchase of commodities and services and for the disposal of surplus commodities and services not otherwise exempt; and
(9)
"Women-owned business enterprise" means a business that is at least fifty-one percent (51%) owned by one (1) or more women who are lawful permanent residents of this state.
Amended by Act 2017, No. 1080,§ 1, eff. 8/1/2017.
Acts 1977, No. 544, § 5; A.S.A. 1947, § 5-916.6; Acts 2003, No. 1814, § 2; 2009, No. 1222, § 3; 2011, No. 893, § 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 3 - MINORITY AND WOMEN - OWNED BUSINESS ECONOMIC DEVELOPMENT ACT (§§ 15-4-301 — 15-4-315) › Section 15-4-304 - Creation

The Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission:
(1)
Is established and confirmed within the Arkansas Economic Development Commission;
(2)
Shall be operated as a division within the commission; and
(3)
Shall perform the functions and duties as provided in this subchapter.
Amended by Act 2017, No. 1080,§ 1, eff. 8/1/2017.
Acts 1977, No. 544, § 3; A.S.A. 1947, § 5-916.4; Acts 2009, No. 1222, § 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 3 - MINORITY AND WOMEN - OWNED BUSINESS ECONOMIC DEVELOPMENT ACT (§§ 15-4-301 — 15-4-315) › Section 15-4-305 - Administrator

(a)
The head of the Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission is the Administrator of the Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission.
(b)
The administrator shall be appointed by the Governor and shall serve at the pleasure of the Governor.
(c)
The administrator shall report to the Secretary of the Department of Commerce.
Amended by Act 2019, No. 910,§ 361, eff. 7/1/2019.
Amended by Act 2017, No. 1080,§ 1, eff. 8/1/2017.
Acts 1977, No. 544, § 4; A.S.A. 1947, § 5-916.5; Acts 2009, No. 1222, § 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 3 - MINORITY AND WOMEN - OWNED BUSINESS ECONOMIC DEVELOPMENT ACT (§§ 15-4-301 — 15-4-315) › Section 15-4-308 - Administration

(a)
The Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission and the Office of State Procurement shall serve as the principal coordinators of the initiative to ensure the successful implementation of this subchapter.
(b)
The division and the office shall provide assistance to minority business enterprises and women-owned business enterprises seeking state contract opportunities with various state agencies.
(c)
The division and the office shall maintain a directory of all minority and women-owned business officers for each state agency.
(d)
The division and the office shall provide management and technical assistance to any state agency that experiences difficulty in complying with the provisions of this subchapter.
(e)
The division and the office shall maintain a current directory of minority business enterprises and women-owned business enterprises and shall make the directory available to each state agency and minority and women-owned business officer.
(f)
The division shall serve as a central clearinghouse for information on state contracts, including a record of all pending state contracts upon which minority business enterprises and women-owned business enterprises may participate.
Amended by Act 2017, No. 1080,§ 1, eff. 8/1/2017.
Acts 2009, No. 1222, § 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 3 - MINORITY AND WOMEN - OWNED BUSINESS ECONOMIC DEVELOPMENT ACT (§§ 15-4-301 — 15-4-315) › Section 15-4-309 - Exempt contracts

Upon the approval of the Minority and Women-owned Business Advisory Council, the Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission and the Office of State Procurement shall determine the classifications of state contracts to be exempted from the goals established by this subchapter whenever there exists an insufficient number of minority business enterprises or women-owned business enterprises to ensure adequate competition.
Amended by Act 2017, No. 1080,§ 1, eff. 8/1/2017.
Acts 2009, No. 1222, § 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 3 - MINORITY AND WOMEN - OWNED BUSINESS ECONOMIC DEVELOPMENT ACT (§§ 15-4-301 — 15-4-315) › Section 15-4-310 - Minority and women-owned business officer

(a)
Each state agency shall designate an individual as its minority and women-owned business officer.
(b)
The minority and women-owned business officer shall be the person within the state agency with whom the Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission and the Minority and Women-owned Business Advisory Council shall work in their efforts to accomplish the goals of this subchapter.
(c)
Upon the appointment of the minority and women-owned business officer in each state agency, the state agency shall notify the division and the Office of State Procurement.
Amended by Act 2017, No. 1080,§ 1, eff. 8/1/2017.
Acts 2009, No. 1222, § 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 3 - MINORITY AND WOMEN - OWNED BUSINESS ECONOMIC DEVELOPMENT ACT (§§ 15-4-301 — 15-4-315) › Section 15-4-311 - Annual minority and women-owned purchasing plan

(a)
Prior to June 30 each year, each state agency shall submit to the Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission and the Office of State Procurement a minority and women-owned purchasing plan that shall outline the state agency's plan to reach its goals for the coming fiscal year.
(b)
The minority and women-owned purchasing plan shall include without limitation:
(1)
The name of the state agency;
(2)
A policy statement signed by the state agency head expressing a commitment to use minority business enterprises and women-owned business enterprises in all aspects of contracting to the maximum extent feasible;
(3)
The name of the minority and women-owned business officer in the state agency who is responsible for developing and administering the purchasing plan;
(4)
The timetable for the state agency to reach its goals under the purchasing plan and the manner in which the state agency intends to reach its goals, including without limitation the manner in which the state agency intends to include minority business enterprises and women-owned business enterprises in reaching its goals; and
(5)
Any other procedures the state agency deems necessary to comply with the goals and the purchasing plan.
(c)
The minority and women-owned business officer shall determine the category to which a purchase shall be assigned for purposes of the minority and women-owned purchasing plan required under this section.
Amended by Act 2017, No. 1080,§ 1, eff. 8/1/2017.
Acts 1991, No. 698, § 1; 2007, No. 692, § 1; 2009, No. 1222, § 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 3 - MINORITY AND WOMEN - OWNED BUSINESS ECONOMIC DEVELOPMENT ACT (§§ 15-4-301 — 15-4-315) › Section 15-4-312 - State agencies to submit reports

Within fifteen (15) days of the close of each six-month period, each state agency shall submit a report to the Minority and Women-owned Business Advisory Council summing up total procurement for all state contracts, except exempt state contracts of the state agency, and the dollar value and the percentage of the state contracts of the state agency awarded to minority business enterprises and women-owned business enterprises.
Amended by Act 2017, No. 1080,§ 1, eff. 8/1/2017.
Acts 1991, No. 698, § 2; 2009, No. 1222, § 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 3 - MINORITY AND WOMEN - OWNED BUSINESS ECONOMIC DEVELOPMENT ACT (§§ 15-4-301 — 15-4-315) › Section 15-4-313 - Accelerated payments

To ensure that minority business enterprises and women-owned business enterprises are not financially hindered due to delays in payment by state agencies entering into state contracts with minority business enterprises and women-owned business enterprises under this subchapter, state agencies shall accelerate payment to minority vendors and women-owned vendors to preclude accounts receivable problems of minority business enterprises and women-owned business enterprises caused by the State of Arkansas.
Amended by Act 2017, No. 1080,§ 1, eff. 8/1/2017.
Acts 1991, No. 698, § 3; 1995, No. 1296, § 48; 1997, No. 540, § 25; 2003, No. 487, § 12; 2007, No. 692, § 2; 2009, No. 481, § 1; 2009, No. 1222, § 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 3 - MINORITY AND WOMEN - OWNED BUSINESS ECONOMIC DEVELOPMENT ACT (§§ 15-4-301 — 15-4-315) › Section 15-4-314 - Minority business enterprises and women-owned business enterprises certification process

(a)
The Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission shall promulgate rules to create a certification process for minority business enterprises and women-owned business enterprises.
(b)
The certification process shall include without limitation:
(1)
Criteria for certification that shall include without limitation:
(A)
A determination that the business is structured as a minority business enterprise or a women-owned business enterprise;
(B)
Verification of minority or woman ownership and control of the business; and
(C)
Annual updates indicating continuing minority or woman ownership and control;
(2)
A formal application process;
(3)
An education program to assist minority business enterprises and women-owned business enterprises in achieving certification; and
(4)
An outreach to ensure the broadest possible participation of minority business enterprises and women-owned business enterprises and persons proposing new minority business enterprises or women-owned business enterprises.
(c)
The Office of State Procurement shall cooperate with the division to the fullest extent possible in sharing information concerning certification and registration of minority business enterprises and women-owned business enterprises carrying out the purposes of this section.
Amended by Act 2017, No. 1080,§ 1, eff. 8/1/2017.
Acts 1991, No. 698, § 6; 2009, No. 1222, § 10.
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 4 - JOBS CREATION BY STIMULATING SMALL BUSINESS GROWTH ACT OF 1985 (§§ 15-4-401 — 15-4-416) › Section 15-4-401 - Title

This subchapter shall be known and may be cited as the "Jobs Creation by Stimulating Small Business Growth Act of 1985".
Acts 1985, No. 869, § 2; A.S.A. 1947, § 9-570.
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 4 - JOBS CREATION BY STIMULATING SMALL BUSINESS GROWTH ACT OF 1985 (§§ 15-4-401 — 15-4-416) › Section 15-4-402 - Legislative findings and purpose

The General Assembly finds that:
(1)
It would be in the best interest of the population of the State of Arkansas to promote the growth and development of small business concerns and concerns owned and controlled by socially and economically disadvantaged individuals, to the extent provided in this subchapter, by:
(A)
Stimulating the flow of private capital and long-term loan funds these concerns need for the sound financing of capital improvements for their business operations and for growth, expansion, and modernization; and
(B)
Providing incentives as appropriate for the increase of business volume these concerns need to become competitive; and
(2)
The State of Arkansas's primary concern is to encourage the creation of more jobs for the population in a segment in which the ratio of new jobs per dollar invested is maximized.
Acts 1985, No. 869, § 1; A.S.A. 1947, § 9-569.
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 4 - JOBS CREATION BY STIMULATING SMALL BUSINESS GROWTH ACT OF 1985 (§§ 15-4-401 — 15-4-416) › Section 15-4-403 - Definitions

As used in this subchapter:
(1)
"Council" means the Arkansas Economic Development Council;
(2)
"Division" means the Division of Minority Business Enterprise of the Arkansas Economic Development Commission;
(3)
"Small business concern" means small business firms in this state owned and operated by:
(A)
Socially and economically disadvantaged individuals who are qualified to receive federally secured loans through small business investment companies licensed by the United States Small Business Administration; and
(B)
Small business firms owned and operated by persons of limited financial means; and
(4)
"Small business investment company" means a small business investment company organized and chartered under the business corporation or nonprofit corporation statutes of this state or formed as a limited partnership for the purpose of making investment loans for capital improvements and expansion to persons whose participation in the free enterprise system is hampered because of social or economic disadvantages, as authorized in
15 U.S.C. § 681(d)
[repealed], or because of limited financial means.
Acts 1985, No. 869, § 3; A.S.A. 1947, § 9-571; Acts 1997, No. 540, §§ 26, 71.
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 4 - JOBS CREATION BY STIMULATING SMALL BUSINESS GROWTH ACT OF 1985 (§§ 15-4-401 — 15-4-416) › Section 15-4-404 - Promulgation of rules generally

The Arkansas Economic Development Council shall promulgate rules and procedures to be followed by the Division of Minority and Women-owned Business Enterprise of the Arkansas Economic Development Commission:
(1)
In administering the provisions of this subchapter; and
(2)
In the making of loans to small business investment companies or in the purchase from the companies of loans made to small business concerns in compliance with the provisions of this subchapter.
Amended by Act 2019, No. 315,§ 1055, eff. 7/24/2019.
Acts 1985, No. 869, § 10; A.S.A. 1947, § 9-578; Acts 1997, No. 540, § 72.
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 4 - JOBS CREATION BY STIMULATING SMALL BUSINESS GROWTH ACT OF 1985 (§§ 15-4-401 — 15-4-416) › Section 15-4-405 - Companies qualified for loan application and sale - Apportioning available funds

(a)
Any small business investment company which qualifies and is licensed by the United States Small Business Administration as a small business investment company authorized to do business in this state and to make loans and provide investment funds for capital improvements to persons whose participation in the free enterprise system is hampered because of social or economic disadvantage shall be entitled to apply with the Division of Minority Business Enterprise of the Arkansas Economic Development Commission for loans under the provisions of this subchapter and may sell to the division loans made to small business concerns eligible to receive the loans under the provisions of this subchapter.
(b)
If applications for loans or applications to sell investment loans filed with the division exceed the funds available for such purposes, the Arkansas Economic Development Council shall promulgate appropriate rules to apportion to each such small business investment company its pro rata share of available loan funds in accordance with guidelines and standards promulgated by the council.
Amended by Act 2019, No. 315,§ 1056, eff. 7/24/2019.
Acts 1985, No. 869, § 10; A.S.A. 1947, § 9-578.
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 4 - JOBS CREATION BY STIMULATING SMALL BUSINESS GROWTH ACT OF 1985 (§§ 15-4-401 — 15-4-416) › Section 15-4-406 - Authority to issue revenue bonds - Loan funds

To stimulate the flow of private funds for capital improvements to small business concerns, the Arkansas Economic Development Council is authorized to:
(1)
Issue revenue bonds to obtain funds to be administered through the Division of Minority Business Enterprise of the Arkansas Economic Development Commission to make investment loans to small business concerns insured by the United States Small Business Administration; and
(2)
Provide funds whereby the division may purchase from small business investment companies small business enterprise loans for capital improvements and expansions guaranteed by the United States Small Business Administration, thereby making available to such small business investment companies additional loan funds.
Acts 1985, No. 869, § 4; A.S.A. 1947, § 9-572; Acts 1997, No. 540, § 73.
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 4 - JOBS CREATION BY STIMULATING SMALL BUSINESS GROWTH ACT OF 1985 (§§ 15-4-401 — 15-4-416) › Section 15-4-407 - Limits on bond issuance and loan purchases

(a)
The Arkansas Economic Development Council is authorized and empowered to issue revenue bonds in such amounts as may be determined by the council.
(b)
For the purposes of this subchapter, the aggregate amount of revenue bonds to be issued under the provisions of this subchapter shall not exceed the sum of ten million dollars ($10,000,000) for the fiscal biennium ending June 30, 1987.
(c)
Moneys loaned to small business companies under the provisions of this subchapter shall be used by the companies in making business loans to small business concerns, as defined in this subchapter, in amounts not to exceed an aggregate of one hundred thousand dollars ($100,000) in such moneys to the same small business concern during any fiscal biennium.
(d)
Small business concern loans purchased by the council from qualified small business investment companies shall not exceed an aggregate of one hundred thousand dollars ($100,000) in loans to any single business firm during any fiscal biennium.
Acts 1985, No. 869, §§ 4, 5; A.S.A. 1947, §§ 9-572, 9-573.
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 4 - JOBS CREATION BY STIMULATING SMALL BUSINESS GROWTH ACT OF 1985 (§§ 15-4-401 — 15-4-416) › Section 15-4-408 - Prerequisites to issuance

Before the Arkansas Economic Development Council shall issue its revenue bonds, the council, acting through the Division of Minority Business Enterprise of the Arkansas Economic Development Commission, shall have received from small business investment companies in this state binding commitments to make business loans to small business concerns, as defined in this subchapter, to sell small business loans to the division or to engage in specific small business concern loan activities, as authorized in this subchapter.
Acts 1985, No. 869, § 5; A.S.A. 1947, § 9-573.
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 4 - JOBS CREATION BY STIMULATING SMALL BUSINESS GROWTH ACT OF 1985 (§§ 15-4-401 — 15-4-416) › Section 15-4-409 - Authorizing resolution and trust indenture

(a)
Before revenue bonds shall be issued, the Arkansas Economic Development Council shall adopt an authorizing resolution and trust indenture which, together with this subchapter, shall constitute a contract between the council and the holders and registered owners of the bonds.
(b)
The contract and all covenants, agreements, and obligations therein shall be promptly performed in strict compliance with the terms and conditions of the contracts, and the covenants, agreements, and obligations of the Arkansas Economic Development Commission shall be enforced by mandamus or other appropriate proceedings at law or in equity.
Acts 1985, No. 869, § 6; A.S.A. 1947, § 9-574.
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 4 - JOBS CREATION BY STIMULATING SMALL BUSINESS GROWTH ACT OF 1985 (§§ 15-4-401 — 15-4-416) › Section 15-4-410 - Issuance and redemption procedures

(a)
The bonds to be issued by the Arkansas Economic Development Council shall be issued in accordance with the same procedures provided for the issuance of revenue bonds by the Arkansas Development Finance Authority.
(b)
All other provisions of the Arkansas Housing Development Agency Act [repealed] governing the issuance of revenue bonds, the issuance of refunding bonds, and the various formalities and procedures to be followed with respect to the issuance or redemption thereof shall be applicable to revenue bonds to be issued by the council under the provisions of this subchapter.
Acts 1985, No. 869, §§ 5, 9; A.S.A. 1947, §§ 9-573, 9-577.
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 4 - JOBS CREATION BY STIMULATING SMALL BUSINESS GROWTH ACT OF 1985 (§§ 15-4-401 — 15-4-416) › Section 15-4-411 - Security

(a)
The principal of, interest on, and trustees' and paying agents' fees in connection with the revenue bonds issued by the Arkansas Economic Development Council under the provisions of this subchapter shall be secured by a lien and pledge of the loans made or the investment loans purchased from the proceeds and collateral security received by the council from small business investment companies.
(b)
It shall not be necessary to the provisions of the lien and pledge that the trustees or holders of the revenue bonds take possession of the loan mortgages for collateral security.
Acts 1985, No. 869, § 6; A.S.A. 1947, § 9-574.
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 4 - JOBS CREATION BY STIMULATING SMALL BUSINESS GROWTH ACT OF 1985 (§§ 15-4-401 — 15-4-416) › Section 15-4-412 - Expenses

The Arkansas Economic Development Council may require the small business investment company borrowing money from the council or selling small business concern investment loans to the council to pay all or part of the incidental expenses in connection therewith and all or part of the expenses of issuance of the bonds.
Acts 1985, No. 869, § 5; A.S.A. 1947, § 9-573.
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 4 - JOBS CREATION BY STIMULATING SMALL BUSINESS GROWTH ACT OF 1985 (§§ 15-4-401 — 15-4-416) › Section 15-4-413 - Tax exemption

Bonds issued under the provisions of this subchapter and the interest on those bonds shall be exempt from all state, county, and municipal taxes, and the exemption shall include income, inheritance, and estate taxes.
Acts 1985, No. 869, § 7; A.S.A. 1947, § 9-575.
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 4 - JOBS CREATION BY STIMULATING SMALL BUSINESS GROWTH ACT OF 1985 (§§ 15-4-401 — 15-4-416) › Section 15-4-414 - No personal liability

Neither the members of the Arkansas Economic Development Council nor officials or employees of the Arkansas Economic Development Commission or the Division of Minority Business Enterprise of the Arkansas Economic Development Commission executing bonds or notes pursuant to this subchapter shall be liable personally on such bonds or notes by reason of the issuance thereof.
Acts 1985, No. 869, § 8; A.S.A. 1947, § 9-576; Acts 1997, No. 540, § 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 4 - JOBS CREATION BY STIMULATING SMALL BUSINESS GROWTH ACT OF 1985 (§§ 15-4-401 — 15-4-416) › Section 15-4-415 - Authority to use bond proceeds

The Arkansas Economic Development Council, acting through the Division of Minority Business Enterprise of the Arkansas Economic Development Commission, is authorized and empowered to use the proceeds of any bonds issued under this subchapter, together with any other available funds, for the making of loans for:
(1)
The purchase of investment loans and paying of incidental expenses in connection therewith;
(2)
Paying the expenses of amortizing and issuing the bonds;
(3)
Paying interest on the bonds until revenues thereon are available in sufficient amounts; and
(4)
Funding such debt service reserves as the council deems necessary or desirable.
Acts 1985, No. 869, § 5; A.S.A. 1947, § 9-573.
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 4 - JOBS CREATION BY STIMULATING SMALL BUSINESS GROWTH ACT OF 1985 (§§ 15-4-401 — 15-4-416) › Section 15-4-416 - Deposit and use of revenues

(a)
All revenues received by the Division of Minority Business Enterprise of the Arkansas Economic Development Commission in behalf of the Arkansas Economic Development Council under the authority of this subchapter, except revenues derived from appropriations, are specifically declared to be cash funds restricted in their use and dedicated and to be used solely as provided in this subchapter.
(b)
The pledged revenues shall not be deposited into the State Treasury, but, when received, shall be deposited by the council into the account or accounts and into the depository or depositories specified by resolution of the council and shall be used by the council solely for the purpose of carrying out the provisions of this subchapter and in conformity with the provisions of any resolution or indenture-securing bonds of the council or other agreement entered into by the council pursuant to the provisions of this subchapter.
(c)
Any revenues at any time held by the council in excess of the amount necessary to accomplish the purpose for which the revenues were received and to comply with all covenants and agreements of the agency relating thereto shall be deposited to the credit of the state into such depositories and shall be reported to the Treasurer of State at such time and in such manner as shall be designated and prescribed by the Treasurer of State.
Acts 1985, No. 869, § 9; A.S.A. 1947, § 9-577.
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 5 - INDUSTRIAL DEVELOPMENT CORPORATIONS (§§ 15-4-501 — 15-4-525) › Section 15-4-501 - Purpose - Incorporators

In order to encourage and promote the economic, agricultural, and industrial development of any city, town, or county in this state, not fewer than fifteen (15) natural persons of the age of twenty-one (21) or more who are residents of the city, town, or county may act as incorporators of a corporation to be organized under this act by executing articles of incorporation as provided in this act.
Acts 1955, No. 404, § 13; A.S.A. 1947, § 9-516; Acts 2001, No. 620, § 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 5 - INDUSTRIAL DEVELOPMENT CORPORATIONS (§§ 15-4-501 — 15-4-525) › Section 15-4-502 - Articles of incorporation - Contents

(a)
The articles of incorporation shall state:
(1)
The name of the corporation. The name shall include the name of the city, town, or county and the words "industrial development" or "economic development" and the word "corporation", "incorporated", "inc.", or "company". The name shall be such as to distinguish it from any other corporation organized and existing under the laws of this state;
(2)
The purpose for which the corporation is formed;
(3)
The names and addresses of the incorporators who shall serve as directors and manage the affairs of the corporation until its first annual meeting of members or until their successors are elected and qualified;
(4)
The number of directors, not fewer than three (3), to be elected at the annual meetings of members;
(5)
The address of its principal office and the name and address of its agent upon whom process may be served;
(6)
The period of duration of the corporation, which may be perpetual;
(7)
The terms and conditions upon which persons shall be admitted to membership in the corporation, but if expressly so stated, the determination of such matters may be reserved to the directors by the bylaws; and
(8)
Any provisions not inconsistent with law which the incorporators may choose to insert for the regulation of the business and the conduct of the affairs of the corporation.
(b)
It shall not be necessary to set forth in the articles of incorporation any of the corporate powers enumerated in this act.
Acts 1955, No. 404, § 14; A.S.A. 1947, § 9-517; Acts 2001, No. 620, § 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 5 - INDUSTRIAL DEVELOPMENT CORPORATIONS (§§ 15-4-501 — 15-4-525) › Section 15-4-503 - Articles - Signatures and acknowledgment of incorporators

The original copy of the articles of incorporation shall be signed by the incorporators and acknowledged before any officer authorized by the laws of this state to acknowledge the execution of deeds and conveyances.
Acts 1955, No. 404, § 15; A.S.A. 1947, § 9-518.
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 5 - INDUSTRIAL DEVELOPMENT CORPORATIONS (§§ 15-4-501 — 15-4-525) › Section 15-4-505 - Articles - Filing

(a)
The original executed articles of incorporation shall be filed in the office of the Secretary of State.
(b)
If the Secretary of State finds that the articles of incorporation conform to law, he or she shall, when the fees prescribed by this act have been paid:
(1)
Endorse on the original copy the word "FILED", and the month, day, and year of the filing thereof;
(2)
File the original in the office of the Secretary of State; and
(3)
Issue a certificate of incorporation to the incorporators.
(c)
The incorporators shall file for recording a certified copy of the articles of incorporation in the office of the county clerk in the county in which the principal office of the corporation is located.
Acts 1955, No. 404, § 15; A.S.A. 1947, § 9-518; Acts 1997, No. 339, § 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 5 - INDUSTRIAL DEVELOPMENT CORPORATIONS (§§ 15-4-501 — 15-4-525) › Section 15-4-506 - Beginning of corporate existence

(a)
Upon the issuance of a certificate of incorporation by the Secretary of State, the corporate existence of the corporation shall begin.
(b)
The certificate of incorporation shall be conclusive evidence, except as against the state, that all conditions precedent required to be performed by the incorporators have been complied with and that the corporation has been incorporated under this act.
Acts 1955, No. 404, § 16; A.S.A. 1947, § 9-519.
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 5 - INDUSTRIAL DEVELOPMENT CORPORATIONS (§§ 15-4-501 — 15-4-525) › Section 15-4-507 - Meeting

(a)
After the issuance of the certificate of incorporation, an organization meeting shall be held at the call of a majority of the incorporators for the purpose of adopting bylaws and electing officers and for the transaction of such other business as may properly come before the meeting.
(b)
The incorporators calling the meeting shall give at least three (3) days' notice by mail to each incorporator. The notice shall state the time and place of the meeting, but the notice may be waived in writing.
Acts 1955, No. 404, § 17; A.S.A. 1947, § 9-520.
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 5 - INDUSTRIAL DEVELOPMENT CORPORATIONS (§§ 15-4-501 — 15-4-525) › Section 15-4-508 - Filing corrected articles of incorporation

(a)
In the event any corporation has filed defective articles of incorporation or has failed to do all things necessary to perfect its corporate organization, it may, nevertheless, file corrected articles of incorporation or amend the original articles and do and perform all acts and things necessary in the premises for the correction of such defects.
(b)
The action so taken shall be valid and binding upon all persons concerned. The capacity of such a corporation to file corrected articles of incorporation or amendments to the original articles or to do and perform all acts and things necessary in the premises shall not be questioned.
Acts 1955, No. 404, § 18; A.S.A. 1947, § 9-521; Acts 1997, No. 339, § 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 5 - INDUSTRIAL DEVELOPMENT CORPORATIONS (§§ 15-4-501 — 15-4-525) › Section 15-4-509 - Corporate powers

Each corporation organized under this act shall have power:
(1)
To sue and be sued, complain, and defend in its corporate name;
(2)
To have perpetual succession, unless a limited period of duration is stated in its articles of incorporation;
(3)
To adopt a corporate seal, which may be altered at pleasure, and to use it, or a facsimile thereof as required by law;
(4)
To encourage and promote the economic, agricultural, and industrial development of its city, town, or county;
(5)
To purchase, receive, lease as lessee or in any other manner acquire, own, hold, maintain, sell, exchange, and use any and all real and personal property, or any interest therein;
(6)
In the manner hereinafter provided, to borrow money and otherwise contract indebtedness, to issue its bonds or other obligations therefor, and to secure the payment thereof by mortgage, pledge, or a deed of trust of all or any part of its property, assets, revenues, or income;
(7)
To sell and convey, mortgage, pledge, lease as lessor, and otherwise dispose of all or any part of its property and assets;
(8)
To accept gifts or grants of money, service, or property, real or personal;
(9)
To make any and all contracts necessary or convenient for the exercise of the powers granted in this act;
(10)
To conduct its business and have officers within or without the state;
(11)
To elect or appoint officers, agents, and employees of the corporation and to define their duties and fix their compensation;
(12)
To make and alter bylaws not inconsistent with the articles of incorporation or with the laws of this state for the administration and regulation of the affairs of the corporation; and
(13)
To do and perform any and all acts and things and to have and exercise any and all powers as may be necessary, convenient, or appropriate to effectuate the purpose for which the corporation is organized.
Acts 1955, No. 404, § 19; A.S.A. 1947, § 9-522; Acts 1997, No. 339, § 4; 2001, No. 620, § 3.