Notwithstanding any provision of Arkansas law or in the articles of incorporation to the contrary, the articles of incorporation of each nonprofit corporation organized under the laws of this state which is an exempt charitable, religious, literary, educational, or scientific organization as described in section 501(c)(3) of the Internal Revenue Code, 26 U.S.C. § 501(c)(3), shall be deemed to contain the following provisions:
“Upon the dissolution of the corporation, the board of trustees shall, after paying or making provision for the payment of all of the liabilities of the corporation, dispose of all of the assets of the corporation exclusively for the purposes of the corporation in such manner, or to such charitable, educational, religious, literary, or scientific purposes as shall at the time qualify as an exempt organization or organizations under section 501(c)(3) of the Internal Revenue Code of 1954, or the corresponding provision of any future United States Internal Revenue Law, as the board of trustees shall determine. Any such assets not so disposed of shall be disposed of by the circuit court of the county in which the principal office of the corporation is then located, exclusively for such purposes or to such organization or organizations, as said court shall determine, which are organized and operated exclusively for such purposes.
Structure Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 3 - Corporations and Associations
Chapter 28 - Nonprofit Organizations
Subchapter 2 - Arkansas Nonprofit Corporation Act
§ 4-28-203. Applicability of subchapter
§ 4-28-204. Effect on preexisting corporations
§ 4-28-206. Articles of incorporation generally
§ 4-28-208. Private foundations — Amendment of articles of incorporation by operation of law
§ 4-28-211. Board of directors
§ 4-28-214. Registered agent — Service of process
§ 4-28-215. Compensation and reimbursement to members, directors, officers, etc
§ 4-28-216. Powers of Secretary of State
§ 4-28-217. Rules by state agencies applicable
§ 4-28-218. Books and accounting records
§ 4-28-219. Shares of stock and dividends prohibited
§ 4-28-220. Loans to directors and officers prohibited
§ 4-28-221. Admission of foreign corporation
§ 4-28-222. Involuntary dissolution
§ 4-28-223. Fees to be paid to Secretary of State