Arkansas Code Title 23, Subtitle 1, Chapter 18, Subchapter 3 - Electric Cooperative Corporation Act

• § 23-18-301 - Title.
  This subchapter may be cited as the "Electric Cooperative Corporation Act".
• § 23-18-302 - Definitions.
  As used in this subchapter, unless the context otherwise requires: (1) "Acquire" means and includes to construct or acquire by purchase, lease, devise, gift,...
• § 23-18-303 - Construction.
  This subchapter shall be construed liberally. The enumeration of any object, purpose, power, manner, method, or thing shall not be deemed to exclude like...
• § 23-18-304 - Other Laws Inapplicable.
  This subchapter is complete in itself and shall be controlling. The provisions of any other law of this state, except as provided in this...
• § 23-18-305 - Extension of Subchapter to Other Corporations.
  Any cooperative or nonprofit corporation or association organized under any other law of this state for the purpose of engaging in rural electrification and...
• § 23-18-306 - Purposes of Cooperatives.
  (a) Organization. Cooperative, nonprofit membership corporations may be organized under this subchapter for the purpose of any one (1) or more of the following:...
• § 23-18-307 - Powers of Corporation.
  Each corporation shall have power: (1) To sue and be sued, complain, and defend in its corporate name; (2) To have perpetual succession unless...
• § 23-18-308 - Jurisdiction of Commission.
  All corporations organized under this subchapter shall be in all respects subject to the jurisdiction, supervision, regulation, and control of the Arkansas Public Service...
• § 23-18-309 - Incorporators.
  Any three (3) or more natural persons of the age of twenty-one (21) or more, residents of this state, may act as incorporators of...
• § 23-18-310 - Cooperative Names.
  The words "electric cooperative" shall not be used in the corporate name of corporations organized under the laws of this state, or authorized to...
• § 23-18-311 - Articles of Incorporation.
  (a) The articles of incorporation shall state: (1) The name of the corporation. The name shall include the words "Electric Cooperative" and the word...
• § 23-18-312 - Articles of Incorporation -- Execution -- Filing and Recording.
  (a) The original copy of the articles of incorporation shall be signed by the incorporators and acknowledged before any officer authorized by the law...
• § 23-18-313 - Articles of Incorporation -- Amendment.
  (a) (1) A corporation may amend its articles of incorporation by a majority vote of the members who are present in person or by...
• § 23-18-314 - Certificate of Incorporation.
  (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...
• § 23-18-315 - Correction of Defects of Organization.
  In the event any corporation has filed defective articles of incorporation or has failed to do all things necessary to perfect its corporate organization,...
• § 23-18-316 - Organizational Meeting -- Notice.
  (a) After the issuance of the certificate of incorporation, an organizational meeting shall be held at the call of a majority of the incorporators...
• § 23-18-317 - 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...
• § 23-18-318 - Members.
  (a) (1) All persons proposed to be served by a corporation shall be eligible to membership in a corporation. (2) No person other than...
• § 23-18-319 - Certificate of Membership.
  (a) When a member of a corporation has paid the membership fee in full, a certificate of membership shall be issued to the member.(b)...
• § 23-18-320 - Meetings of Members.
  (a) Meetings of members may be held at such place as may be provided in the bylaws. In the absence of any such provision,...
• § 23-18-321 - Board of Directors.
  (a) (1) The business and affairs of a corporation shall be managed by a board of directors, not fewer than three (3) in number,...
• § 23-18-322 - Executive Committee.
  (a) Any corporation by its bylaws may provide for an executive committee to be elected from and by its board of directors.(b) The management...
• § 23-18-323 - Officers, Agents, and Employees.
  (a) The board may elect from its number a chair, a secretary, and such vice chairpersons as it deems necessary. The powers, duties, term...
• § 23-18-324 - Consolidation.
  (a) (1) Any two (2) or more corporations may enter into an agreement for the consolidation of the corporations. (2) The agreement shall set...
• § 23-18-325 - Dissolution.
  (a) Any corporation may dissolve by majority vote of the members present in person or by proxy at any regular meeting or at any...
• § 23-18-326 - Filing Fees.
  The Secretary of State shall charge and collect for: (1) Filing articles of incorporation and issuing a certificate of incorporation -- ten dollars ($10.00);...
• § 23-18-327 - Nonprofit Operation -- Use of Revenues.
  (a) Each corporation shall be operated without profit to its members, but the rates, fees, rents, or other charges for electric energy and any...
• § 23-18-328 - Taxation.
  Electric cooperative corporations organized and formed pursuant to this subchapter shall be subject to the provisions of the Arkansas Gross Receipts Act of 1941,...
• § 23-18-329 - Annual License Fee.
  Corporations formed pursuant to this subchapter shall pay annually, on or before July 1, to the Secretary of State a fee of ten dollars...
• § 23-18-330 - Exemptions From Arkansas Securities Act.
  Whenever any corporation organized under this subchapter shall have borrowed money from any federal agency, the obligations issued to secure the payment of such...
• § 23-18-331 - Service in Incorporated Areas.
  (a) (1) The inclusion by incorporation, annexation, or otherwise of any portion of a rural area assigned to corporations within the limits of an...

Last modified: November 15, 2016