Arkansas Code Title 15, Subtitle 1, Chapter 4, Subchapter 10 - Arkansas Capital Development Company Act

• § 15-4-1001 - Title.
  This subchapter shall be referred to and may be cited as the "Arkansas Capital Development Company Act".
• § 15-4-1002 - Definitions.
  (a) As used in this subchapter: (1) "Articles" means the articles of incorporation, articles of organization, certificate of limited partnership, or any similar document...
• § 15-4-1003 - 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...
• § 15-4-1004 - Application for Approval.
  (a) Any development finance corporation that desires to establish and operate a capital development company may subscribe, acknowledge, and file in duplicate with the...
• § 15-4-1005 -- 15-4-1007 - [Repealed.]
• § 15-4-1008 - Ex Officio Members of the Governing Board.
  (a) (1) The Executive Director of the Arkansas Economic Development Council and the President of the Arkansas Development Finance Authority, or their respective designees,...
• § 15-4-1009 - Liability of Governing Board and Officers.
  No member of the governing board and no officer, manager, or other person responsible for carrying out the daily operations of a capital development...
• § 15-4-1010 - [Repealed.]
• § 15-4-1011 - Investigation and Approval by the State Banking Board.
  (a) As soon as practicable after the receipt of the application for approval and the articles, the Bank Commissioner shall: (1) Ascertain the qualifications,...
• § 15-4-1012 - Commencement of Existence.
  (a) Upon the issuance of the certificate of organization by the Bank Commissioner, the existence of the capital development company shall begin.(b) The certificate...
• § 15-4-1013 - Articles.
  The articles for any capital development company shall state: (1) The name of the company. The name shall include the words "Capital Development Company";...
• § 15-4-1014 - Amendment to Articles.
  (a) A capital development company may amend its articles in accordance with the applicable business law under which it was formed or with the...
• § 15-4-1015 - Management of a Capital Development Company.
  (a) The governing board shall manage the affairs of the capital development company.(b) (1) If a person desires to transfer an equity interest or...
• § 15-4-1016 - Powers.
  (a) The purposes of each capital development company shall be to: (1) Promote, stimulate, develop, and advance the business prosperity and economic welfare of...
• § 15-4-1017 - Dividends and Distributions.
  Subject to any limitations as may be stated in the articles or governing documents thereof, the governing board of the capital development company may...
• § 15-4-1018 - Bonds or Notes of the Company.
  (a) From time to time as the conduct of its business requires, any capital development company may issue and sell bonds or notes at...
• § 15-4-1019 - Authority of Other Corporations and Financial Institutions.
  (a) Notwithstanding any rule at common law or any provision of law or any provision in their respective articles of incorporation, all for-profit and...
• § 15-4-1020, 15-4-1021 - [Repealed.]
• § 15-4-1022 - Compliance With the Arkansas Securities Act.
  The equity interests, notes, debentures, bonds, and all other securities or obligations issued by any capital development company shall be issued in compliance with...
• § 15-4-1023 - Obligations As Negotiable Instruments.
  All bonds, notes, debentures, and other similar obligations of a capital development company authorized under and issued in compliance with the provisions of this...
• § 15-4-1024 - Eligibility for Certain Investments.
  Any agency or instrumentality of this state or city or town in this state or any board, commission, or other authority duly established by...
• § 15-4-1025 - Exemption From Certain Taxes.
  (a) (1) The income of a capital development company shall be exempt from taxation under the Income Tax Act of 1929, § 26-51-101 et...
• § 15-4-1026 - Tax Credit.
  (a) (1) Subject to the limitations contained in this section, a person who purchases an equity interest in a capital development company in any...
• § 15-4-1027 - Investment and Loan Policy.
  (a) A capital development company shall not lend money when credit is readily available on comparable terms elsewhere.(b) (1) The governing board of a...
• § 15-4-1028 - Supervision of Capital Development Companies.
  (a) Each capital development company shall be subject to the supervision, examination, and control of the Bank Commissioner in the same manner, so far...
• § 15-4-1029 - Dissolution.
  (a) A capital development company may dissolve in accordance with the applicable business law under which it was formed.(b) In connection with a dissolution...
• § 15-4-1030 - Merger.
  (a) Subject to the provisions of this subchapter, a capital development company may merge or consolidate with or into another capital development company, a...
• § 15-4-1031 - Application of Business Laws.
  (a) Each capital development company is subject to the provisions of any applicable business law under which it was formed, as now or hereafter...

Last modified: November 15, 2016