Arkansas Code Title 15, Subtitle 1, Chapter 4, Subchapter 9 - Arkansas Development Finance Corporation Act

• § 15-4-901 - Title.
  This subchapter shall be referred to and may be cited as the "Arkansas Development Finance Corporation Act".
• § 15-4-902 - Purposes.
  The purposes of each development finance corporation organized under the provisions of this subchapter shall be to: (1) Promote, stimulate, develop, and advance the...
• § 15-4-903 - Definitions.
  As used in this subchapter: (1) "Board" means the State Banking Board; (2) "Capital corporation" or "development finance corporation" means a corporation authorized to...
• § 15-4-904 - 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...
• § 15-4-905 - Supervision.
  (a) Each development finance corporation organized under the provisions of this subchapter shall be subject to the supervision, examination, and control of the Bank...
• § 15-4-906 - Articles of Incorporation.
  (a) The articles of incorporation for any development finance corporation organized under the provisions of this subchapter shall state: (1) The name of the...
• § 15-4-907 - Application for Preliminary Approval.
  Any fifteen (15) or more qualified natural persons, all of whom shall be bona fide residents of this state and among whom each of...
• § 15-4-908 - Preliminary Investigation.
  As soon as practicable after the receipt of the articles of incorporation, the Bank Commissioner shall, from the best source of information at his...
• § 15-4-909 - Preliminary Approval.
  If the Bank Commissioner is satisfied that the applicants are bona fide residents of the state, that each of the congressional districts in the...
• § 15-4-910 - Organization.
  Upon receipt of the certificate of preliminary approval, the applicants may proceed to complete the organization of the development finance corporation, to obtain subscriptions...
• § 15-4-911 - Certificate of Organization.
  (a) When the applicants shall have completed the organization of the proposed development finance corporation, they shall file with the Bank Commissioner a certificate...
• § 15-4-912 - Final Investigation and Approval by the Board.
  (a) Immediately upon the filing of the certificate of organization by the applicants, the Bank Commissioner shall submit to the State Banking Board the...
• § 15-4-913 - Beginning of Corporate Existence -- Certificate As Evidence.
  (a) Upon the issuance of the certificate of incorporation by the Bank Commissioner, the corporate existence of the development finance corporation shall begin.(b) The...
• § 15-4-914 - Amendment to Articles of Incorporation.
  (a) A corporation organized under the provisions of this subchapter may amend its articles of incorporation by a majority vote of the stock, represented...
• § 15-4-915 - Management of Corporation -- Voting and Transfer of Common Stock.
  (a) Only the holders of common stock, through the board of directors, shall manage the affairs of the corporation. Each holder of common stock...
• § 15-4-916 - Powers.
  In furtherance of the purposes set out in § 15-4-902, each corporation organized under this subchapter shall have the power: (1) To sue and...
• § 15-4-917 - Corporation to Be Nonprofit -- Use of Revenues.
  (a) Each corporation organized under the provisions of this subchapter shall be operated without profit to its members. No dividends shall be declared at...
• § 15-4-918 - Liability of Directors and Officers.
  The directors and officers of the development finance corporation organized under the provisions of this subchapter shall not be responsible for losses unless the...
• § 15-4-919 - Retirement of Preferred Stock.
  (a) The outstanding preferred stock of a corporation authorized and issued as provided in this subchapter shall be retired from time to time from...
• § 15-4-920 - Exemption From the Arkansas Securities Act.
  The bonds and all other obligations issued by any development finance corporation organized and existing under the provisions of this subchapter shall be exempt...
• § 15-4-921 - Obligations As Negotiable Instruments.
  All bonds, notes, debentures, and other obligations of a development finance corporation authorized under and issued in compliance with the provisions of this subchapter...
• § 15-4-922 - Debentures.
  (a) Any development finance corporation organized under the provisions of this subchapter may issue debentures which shall be unsecured and noninterest-bearing and which may...
• § 15-4-923 - Bonds and Notes -- Use of Earned Surplus.
  (a) (1) Any development finance corporation organized under the provisions of this subchapter, from time to time, as the conduct of its business requires,...
• § 15-4-924 - Eligibility for Certain Investments.
  Any city or town in this state, any board, commission, or other authority duly established by ordinance of any city or town, or the...
• § 15-4-925 - Exemption of Interest and Obligations From Certain Taxes.
  Interest on bonds, notes, or other obligations of any development finance corporation issued under and in accordance with the provisions of this subchapter shall...
• § 15-4-926 - Loan Policy -- Disposition of Funds.
  (a) A development finance corporation organized under the provisions of this subchapter shall not lend money when credit is readily available elsewhere. Before granting...
• § 15-4-927 - Dissolution.
  (a) (1) Any corporation organized under this subchapter may dissolve after the: (A) Payment in full and cancellation of all its bonds and other...

Last modified: November 15, 2016