(a) The powers of the Arkansas Development Finance Authority shall be vested in the members of the Board of Directors of the Arkansas Development Finance Authority in office from time to time, and six (6) members of the board shall constitute a quorum at any meeting thereof.
(b) Action may be taken and motions and resolutions adopted by the board at any meeting thereof by the affirmative vote of a majority of present and voting board members.
(c) However, any motion and resolution to authorize an issue of bonds, to approve a loan application, to authorize a lease transaction, or to approve a bond guaranty shall have the affirmative vote of at least six (6) board members.
(d) No vacancy in the membership of the board shall impair the right of a quorum of the members to exercise all the powers and perform all duties of the board.
Structure Arkansas Code
Title 15 - Natural Resources and Economic Development
Subtitle 1 - Development Of Economic And Natural Resources Generally
Chapter 5 - Arkansas Development Finance Authority
Subchapter 2 - Arkansas Development Finance Authority Act — Administration
§ 15-5-201. Creation of authority
§ 15-5-202. Board of directors — Members
§ 15-5-203. Board officers and employees
§ 15-5-204. Prohibition on personal interests in contracts
§ 15-5-207. Rights, powers, privileges, and duties of authority — Definitions
§ 15-5-208. Services of public entities to authority — Expenses
§ 15-5-209. Disposition and use of funds
§ 15-5-211. Dissolution of the authority
§ 15-5-212. Approval of Legislative Council for certain matters