(a) By its bylaws, any cooperative may provide for an executive committee to be elected from and by its board of directors. (b) To such committee may be delegated the management of the current and ordinary business of the cooperative and such other duties as the bylaws may prescribe, but the designation of the committee […]
(a) Any person entitled to notice of a meeting may waive notice in writing either before or after the meeting. (b) If any person attends a meeting, his or her attendance shall constitute a waiver of notice of the meeting, unless the person participates therein solely to object to the transaction of any business because […]
(a) (1) Any two (2) or more cooperatives may enter into an agreement subject to the approval by the required authorities, if any, for the consolidation of the cooperatives. (2) The agreement shall set forth the terms and conditions of the consolidation, the name and the proposed consolidated cooperative, the number of its directors, which […]
(a) Any cooperative may dissolve by a two-thirds (2/3) vote of the members present at any regular meeting or at any special meeting of its members called for that purpose or by the vote required in the bylaws, whichever requires the greater number. (b) A certificate of dissolution shall be signed by the president or […]
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) Filing articles of amendment and issuing a certificate of amendment — ten dollars ($10.00); (3) Filing articles of consolidation and issuing a certificate with respect to consolidation — ten dollars […]
(a) Each cooperative shall be operated on a nonprofit basis for the mutual benefit of its members and patrons. (b) (1) The bylaws of a cooperative or its contracts with members and patrons shall contain provisions consistent with § 23-17-229 relative to the disposition of revenues and receipts as may be necessary and appropriate to […]
The revenues of the cooperative shall be devoted to: (1) The payment of operating and maintenance expenses, the rendition of efficient service, and the creation of adequate depreciation reserves sufficient to maintain the investment in facilities; (2) The payment of the principal and interest on outstanding obligations; (3) The payment of dividends on stock issued […]
Cooperatives formed under this subchapter shall continue to be exempt from all other excise taxes of whatsoever kind or nature except the Arkansas gross receipts tax under the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq., and the Arkansas compensating tax under the Arkansas Compensating Tax Act of 1949, § 26-53-101 et seq.
(a) The board of directors of a cooperative shall have full power and authority, without authorization by the members thereof, to authorize the execution and delivery of leases, mortgages, or deeds of trust of, or by pledge or encumbering of, any or all of the property, assets, rights, privileges, licenses, franchises, and permits of the […]
(a) Any mortgage, deed of trust, or other instrument executed by a cooperative which affects real and personal property and which is recorded in the real property records in any county in which the property is located or is to be located shall have the same force and effect as if the mortgage, deed of […]
No member or shareholder shall be liable or responsible for any debts of the cooperative, and the property of the members and shareholders shall not be subject to execution therefor.
No cooperative shall be liable for damage resulting from loss, interruption, or diminished quality of service due to earthquake, flood, storm, infestation, pestilence, civil insurrection, act of war, act of terrorism, software or hardware failure, malfunction, or error, or any cause beyond the control of the cooperative.
(a) Construction of telecommunications lines and facilities by a telecommunications company or cooperative as a minimum requirement shall comply with the standards of the National Electrical Safety Code of the Institute of Electrical and Electronics Engineers in effect at the time of the construction or requirements set up by the Arkansas Public Service Commission. Construction […]
No suit shall be brought against any telecommunications company or cooperative by the reason of the installation, use, or maintenance of telecommunications lines, poles, equipment, or fixtures on any real property, or within any right-of-way of any public way, unless it is commenced within two (2) years after the cause of action has accrued.
(a) (1) A cooperative shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative, other than an action by or in the right of the cooperative, by reason […]
(a) A director shall discharge his or her duties as a director, including his or her duties as a member of a committee: (1) In good faith; (2) With the care an ordinarily prudent person in a like position would exercise under similar circumstances; and (3) In a manner he or she reasonably believes to […]
(a) When a cooperative formed under this subchapter declares capital credits and any capital credit which remains unclaimed one (1) year after notice of the capital credit was transmitted to the last known address of the beneficiary of the credit: (1) The cooperative shall not be liable for the credit; and (2) The credit shall […]
(a) Any cooperative established under this subchapter may opt out of coverage under the Arkansas Underground Facilities Damage Prevention Act, § 14-271-101 et seq., by providing written notice to the Arkansas Public Service Commission by first class mail. (b) Any references in this section and §§ 23-17-201 — 23-17-240 and 23-17-242 to “this subchapter” and […]
Any cooperative organized prior to January 1, 1979, under the provisions of this subchapter may enter into an agreement with any other cooperative so organized for one of the cooperatives to acquire the other cooperative, subject to the following provisions: (1) Any agreement between cooperatives for one to acquire another shall be in writing and […]
