Arkansas Code
Subchapter 12 - County and Regional Industrial Development Company Act
§ 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 this subchapter shall not be exempt from the following:
(A) The antifraud provisions of the Arkansas Securities Act, § 23-42-101 et seq., under § 23-42-507;
(B) The criminal provisions for violation of the provisions found in § 23-42-104(a); and
(C) The civil remedies available for violation of the provisions found in § 23-42-106.

(b)
(1) Notwithstanding the provisions of subsection (a) of this section, no company may offer its stock, units of interest, notes, debentures, bonds, or other securities or obligations without filing a notice with the Securities Commissioner before the first offer of the securities to be sold.
(2)
(A) The filing shall state the terms of the offer and how the company intends to comply with the antifraud provisions of the Arkansas Securities Act, § 23-42-101 et seq., and shall be accompanied by copies of any sales materials the company will use in the offer of the securities.
(B) The filing shall be effective upon deposit with the commissioner.
(C) This filing requirement shall be applicable to the initial capitalization of the company and any subsequent offer of stock, units of interest, notes, debentures, bonds, or other securities or obligations or series thereof.

(c) Failure of a company to make the filing required by subsection (b) of this section shall be a basis for imposition of all remedies available to the commissioner for the offer and sale of unregistered and nonexempt securities under the Arkansas Securities Act, § 23-42-101 et seq.