Arkansas Code
Chapter 175 - Public Corporations for Economic Development Act
§ 14-175-106. Authority and procedure to incorporate

(a) Whenever any number of natural persons, but not fewer than three (3), files with the governing body an application in writing for authority to incorporate a public corporation under this chapter, if it is made to appear to the governing body that each of the persons is a duly qualified elector of the municipality or county creating the corporation and if the governing body adopts a resolution that declares that it will be wise, expedient, and necessary that a public corporation be formed and that the persons filing the application may proceed to form a corporation, then the persons shall become the incorporators of and shall proceed to incorporate the corporation in the manner provided in this chapter.
(b) No corporation shall be formed under this chapter unless:
(1) The application provided for in this section is made; and
(2) The resolution provided for in this section is adopted.

(c) No county or municipality may authorize more than one (1) corporation under this chapter.

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