(a) Each corporation shall formulate bylaws prescribing the duties of the directors and officials, the manner of distributing the profits of its business, the manner of becoming a member, and such other rules and instructions to its officials and members as will tend to make the corporation an effective business organization.
(b) Any association formed under this chapter may pass bylaws to govern itself in the carrying out of the provisions of this chapter which are not inconsistent with the provisions of this chapter.
Structure Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 3 - Corporations and Associations
Chapter 30 - Cooperative Associations
Subchapter 1 - General Provisions
§ 4-30-102. Purpose of chapter
§ 4-30-103. Effect of chapter upon § 2-2-401 et seq
§ 4-30-104. Acceptance of benefits of chapter
§ 4-30-105. Administration of chapter
§ 4-30-107. Membership — Purposes — Powers
§ 4-30-108. Articles of incorporation
§ 4-30-110. Board of directors — Officers
§ 4-30-111. Prerequisite for commencing business
§ 4-30-112. Percentage of stock ownership limited — Voting by members
§ 4-30-113. Books and records — Right of inspection
§ 4-30-115. Forms prescribed by Secretary of State
§ 4-30-116. Organization, ownership, control, etc., of other corporations or associations