(a) A corporation which meets the definition of a qualified corporation, as defined by § 4-35-103, may adopt a plan to convert its entity status from that of a nonprofit corporation to a water authority pursuant to the Water Authority Act, § 4-35-101 et seq., unless the articles or bylaws require otherwise, if the conversion is approved:
(1) By a majority of the members of the board of directors of the corporation; and
(2) If the corporation has members, by two-thirds (2/3) of the votes cast by the members, in person or by proxy, at a regular or special meeting of the members at which a quorum is present.
(b) For purposes of this section and unless the articles or bylaws provide for a higher or lower quorum, ten percent (10%) of the votes entitled to be cast on a matter must be represented in person or by proxy at a meeting of members to constitute a quorum.
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