§ 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; (3) “Company” means a county or regional industrial development corporation or limited liability company authorized to be organized under the provisions of this subchapter; (4) “Financial institution” means any banking corporation […]

§ 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 like or similar objects, purposes, powers, manners, methods, or things.

§ 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 be served by the proposed company and who desire to associate themselves for the purpose of establishing and operating a company may subscribe, acknowledge, and file with the Bank Commissioner for […]

§ 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 proposed company, that the applicants have the confidence of their respective communities, that, in the case of a regional company, the proposed region constitutes a reasonably compact area with similar economic […]

§ 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 payment of its stock or limited liability units of interest, and to do all other things necessarily incidental to its transacting business.

§ 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 organized under the provisions of this subchapter shall not be responsible for losses of assets of the company unless the losses shall have been occasioned by the willful misconduct of such […]

§ 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 by the chief executive officer of the company, attested by its chief financial officer, and with its seal affixed thereto, certifying: (1) The names and addresses of all of its subscribers […]

§ 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 the proposed articles of incorporation, articles of organization and operating agreement, as appropriate, and the certificate of organization of the applicants. (2) As soon as practicable thereafter, if the board shall […]

§ 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) The certificate of incorporation or certificate of organization shall be conclusive evidence, except as against the state, that all conditions precedent required to be performed by the applicants have been […]

§ 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 subchapter shall state: (1) The name of the company, which shall include the words “County Industrial Development Company” if the proposed company is to serve a single county, or “Regional Industrial […]

§ 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 vote of the common stock in the case of a corporation or by a majority vote of the units of interest of a limited liability company represented in person or by […]

§ 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 units of interest in a limited liability company shall manage the affairs of a limited liability company. (3) Each holder of common stock or each holder of a unit of interest […]

§ 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 prosperity and economic welfare of the county or region where it is located and its citizens; (2) Encourage and assist through loans, investments, or other business transactions in the location of […]

§ 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 corporation, may declare dividends to the holders of its stock and make partial distribution of its capital surplus pursuant to the provisions of the Arkansas Business Corporation Act of 1987, § […]

§ 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 and sell at such price and on such terms as the board of directors or the management committee shall determine its bonds and notes not to exceed in a total aggregate […]

§ 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, including nonprofit corporations and associations, organized for the purpose of carrying on business within this state, including, without implied limitation, any public utility, and all trusts, are authorized to acquire, purchase, […]

§ 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 form and in such manner as the board of directors or the management committee may require, and membership shall become effective upon the acceptance of the application by the board of […]

§ 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 articles of incorporation or articles of organization. (2) Provided, however, that: (A) Upon written notice given to a company five (5) years in advance, a member may withdraw from membership in […]

§ 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 the provisions of this subchapter shall be exempt from the provisions of the Arkansas Securities Act, § 23-42-101 et seq. (2) However, any company organized and existing under the provisions of […]