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 directors, officers, managers, or members.
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