Arkansas Code Title 15, Subtitle 1, Chapter 4, Subchapter 12 - County and Regional Industrial Development Company Act

• § 15-4-1201 - Title.
  This subchapter shall be referred to and may be cited as the "County and Regional Industrial Development Company Act".
• § 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;...
• § 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...
• § 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...
• § 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...
• § 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...
• § 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...
• § 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...
• § 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...
• § 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)...
• § 15-4-1211 - Articles of Incorporation or Articles of Organization.
  (a) The articles of incorporation for any corporation or the articles of organization of any limited liability company organized under the provisions of this...
• § 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...
• § 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...
• § 15-4-1214 - Powers of the Company.
  (a) The purposes of each company organized under the provisions of this subchapter shall be to: (1) Promote, stimulate, develop, and advance the business...
• § 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...
• § 15-4-1216 - Bonds and Notes of the Company.
  (a) (1) From time to time as the conduct of its business requires, any company organized under the provisions of this subchapter may issue...
• § 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,...
• § 15-4-1218 - Member Financial Institutions -- Loan Limits.
  (a) Any financial institution may request membership in the company by making application to the board of directors or the management committee on such...
• § 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...
• § 15-4-1220 - Exemption for Securities.
  (a) (1) The stock, units of interest, notes, debentures, bonds, and all other securities or obligations issued by any company organized and existing under...
• § 15-4-1221 - Obligations As Negotiable Instruments.
  All bonds, notes, debentures, and other obligations of a company authorized under and issued in compliance with the provisions of this subchapter shall be,...
• § 15-4-1222 - Eligibility for Certain Investments.
  Any city or town in this state or any board, commission, or other authority duly established by ordinance of any such city or town...
• § 15-4-1223 - Exemption From Certain Taxes.
  (a) (1) County or regional industrial development companies shall be exempt from taxation under the Income Tax Act of 1929, § 26-51-101 et seq.,...
• § 15-4-1224 - Tax Credit.
  (a) (1) The original purchaser of common stock of a corporation or a unit of interest of a limited liability company shall be entitled...
• § 15-4-1225 - Loan Policy.
  (a) A company organized under the provisions of this subchapter shall not lend money when credit is readily available with comparable terms elsewhere. Before...
• § 15-4-1226 - Supervision of Companies.
  (a) (1) Each company organized under the provisions of this subchapter shall be subject to the general supervision and control of the Bank Commissioner....
• § 15-4-1227 - Dissolution of Company.
  (a) Any company organized under this subchapter, after the payment in full and cancellation of all its notes, bonds, and other obligations issued under...
• § 15-4-1228 - Investigations by Bank Commissioner or Securities Commissioner -- Injunctions.
  (a) The Bank Commissioner may investigate, either upon complaint or otherwise, when it appears that a county or regional industrial development company is conducting...

Last modified: November 15, 2016