Arkansas Code Title 15, Subtitle 1, Chapter 4, Subchapter 5 - Industrial Development Corporations

• § 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...
• § 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...
• § 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...
• § 15-4-504 - [Repealed.]
• § 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...
• § 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...
• § 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...
• § 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...
• § 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...
• § 15-4-510 - Bylaws.
  (a) The power to make, alter, amend, or repeal the bylaws of the corporation shall be vested in the board of directors.(b) The bylaws...
• § 15-4-511 - Amendments to Articles of Incorporation.
  (a) A corporation organized under this act may amend its articles of incorporation by a majority vote of the members present in person or...
• § 15-4-512 - Filing Charges.
  The Secretary of State shall charge and collect for: (1) Filing articles of incorporation and issuing a certificate of incorporation, ten dollars ($10.00); (2)...
• § 15-4-513 - Nonprofit Operation -- Payment of Indebtedness.
  (a) (1) Each corporation organized under the provisions of this act shall be operated without profit to its members. (2) All revenues of the...
• § 15-4-514 - Authority to Borrow Money, Issue Bonds, Etc.
  (a) Each corporation organized under this act is authorized to borrow money and to issue negotiable coupon bonds, or notes, or other obligations for...
• § 15-4-515 - Exemption From Arkansas Securities Act.
  Whenever any corporation organized under this act borrows money, the bonds of the corporation or its other obligations issued to evidence such indebtedness shall...
• § 15-4-516 - [Repealed.]
• § 15-4-517 - Bond Issue -- Terms.
  (a) (1) Bonds, notes, or other obligations issued under the provisions of this act shall be issued by the corporation in such form as...
• § 15-4-518 - Security for Bonds.
  (a) (1) Such bonds, notes, or other obligations as may be issued by the corporation may be secured by a mortgage or deed of...
• § 15-4-519 - [Repealed.]
• § 15-4-520 - Excess Funds.
  (a) Any funds remaining with the corporation in excess of the amount necessary to finance a project, including the cost of lands, buildings, and...
• § 15-4-521 - Sale of Obligations.
  (a) Obligations of the corporation may be sold at public or private sale as the corporation shall determine.(b) (1) No first lien obligations may...
• § 15-4-522 - Refunding Obligations.
  (a) Any corporation organized under this act shall have the right to refund its outstanding obligations at any time.(b) All refunding obligations shall state...
• § 15-4-523 - Authorized Investors.
  (a) Any city or town in this state or any board, commission, or other authority duly established by ordinance of any such city or...
• § 15-4-524 - Tax Exemptions.
  Interest on bonds or other obligations issued in accordance with the provisions of this act shall be exempt from all state income taxes and...
• § 15-4-525 - Dissolution.
  (a) Any corporation organized under this act, after the payment in full and cancellation of its bonds and other obligations issued under the provisions...

Last modified: November 15, 2016