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 preliminary approval proposed articles of incorporation in the case of a corporation and articles of organization and an operating agreement in the case of a limited liability company, in duplicate, as authorized by § 15-4-1211.
Structure Arkansas Code
Title 15 - Natural Resources and Economic Development
Subtitle 1 - Development Of Economic And Natural Resources Generally
Chapter 4 - Development Of Business And Industry Generally
Subchapter 12 - County and Regional Industrial Development Company Act
§ 15-4-1203. Liberal construction
§ 15-4-1204. Application for preliminary approval
§ 15-4-1205. Preliminary approval
§ 15-4-1207. Liability of directors, officers, managers, and members
§ 15-4-1208. Certificate of organization
§ 15-4-1209. Final investigation and approval by the board
§ 15-4-1210. Commencement and continuation of existence
§ 15-4-1211. Articles of incorporation or articles of organization
§ 15-4-1212. Amendment to articles of incorporation or articles of organization
§ 15-4-1213. Management of company
§ 15-4-1214. Powers of the company
§ 15-4-1215. Dividends and distributions
§ 15-4-1216. Bonds and notes of the company
§ 15-4-1217. Authority of other corporations and financial institutions
§ 15-4-1218. Member financial institutions — Loan limits
§ 15-4-1219. Withdrawal of members
§ 15-4-1220. Exemption for securities
§ 15-4-1221. Obligations as negotiable instruments
§ 15-4-1222. Eligibility for certain investments
§ 15-4-1223. Exemption from certain taxes
§ 15-4-1226. Supervision of companies
§ 15-4-1227. Dissolution of company
§ 15-4-1228. Investigations by Bank Commissioner or Securities Commissioner — Injunctions