(a) A board of directors of a regional economic development partnership may terminate the regional economic development partnership upon a majority vote of the board of directors.
(b) Notice of the intent to terminate a regional economic development partnership shall be sent to the Arkansas Economic Development Commission at least thirty (30) days before a board of directors votes on the termination of a regional economic development partnership.
(c) Upon the termination of a regional economic development partnership, the board of directors of the regional economic development partnership shall remit any unspent state funds to the commission within sixty (60) days of the notice to terminate the regional economic development partnership.
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 34 - Regional Economic Development Partnership Act
§ 15-4-3402. Legislative intent
§ 15-4-3404. Regional economic development partnerships — Board of directors
§ 15-4-3409. Eligible uses of state funds