Title 4 — Business and Commercial Law
88 chapters · 1,044 sections in this title.
Ark. Code Ann. § 4-30-101 Definition
0.6K chars
(1) As used in this chapter, unless the context otherwise requires, the “cooperative plan” shall be construed to mean a business concern that distributes the net profits of its business by:(1) The payment of a fixed dividend upon its stock; and(2) The remainder prorated to its se…
Ark. Code Ann. § 4-30-102 Purpose of chapter
0.2K chars
The purpose of this chapter is to provide for the formation and carrying on of cooperative associations and to provide for the rights, powers, liabilities, and duties of such cooperative associations.
Ark. Code Ann. § 4-30-103 Effect of chapter upon § 2-2-401 et seq
0.4K chars
The provisions of this chapter shall not be construed in any manner to limit, restrict, enlarge, modify, change, conflict with, or in any manner whatever affect the provisions of the Cooperative Marketing Act, § 2-2-401 et seq., it being the intent of the General Assembly that ea…
Ark. Code Ann. § 4-30-104 Acceptance of benefits of chapter
0.8K chars
(a) All cooperative corporations, companies, or associations organized and doing business under prior statutes, or which have attempted to so organize and do business, shall have the benefit of all the provisions of this chapter and may be bound thereby on paying the fees provide…
Ark. Code Ann. § 4-30-105 Administration of chapter
0.2K chars
The provisions of this chapter shall be administered by the Secretary of State, who shall have power to employ such help as in his or her judgment is necessary to carry into effect the provisions of this chapter.
Ark. Code Ann. § 4-30-106 Corporate title
0.2K chars
The title of the corporation may begin with “The” and shall end with “Association”, “Company”, “Corporation”, “Exchange”, “Society”, “Union”, or “Incorporated” or its abbreviation “Inc.”.
Ark. Code Ann. § 4-30-107 Membership — Purposes — Powers
7.0K chars
(a) Any number of persons, corporations, or entities may associate themselves together as a cooperative corporation for any one (1) or more of the following purposes under the cooperative plan of the cooperative corporation:(1) Conducting an agricultural, dairy, mercantile, minin…
Ark. Code Ann. § 4-30-108 Articles of incorporation
1.6K chars
(a) The members shall sign and acknowledge written articles of incorporation which shall contain:(1) The name of the cooperative corporation;(2) The name and residences of the persons forming the cooperative corporation;(3) The purpose of the organization;(4) The principal place …
Ark. Code Ann. § 4-30-109 Bylaws
0.5K chars
(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 …
Ark. Code Ann. § 4-30-110 Board of directors — Officers
1.3K chars
(a) Every association shall be managed by a board of not fewer than five (5) directors. (b) The directors shall be elected by the stockholders of the association at such times and for such terms of office as the bylaws may prescribe and shall hold office for the time for which el…
Ark. Code Ann. § 4-30-111 Prerequisite for commencing business
0.3K chars
No corporation organized under the provisions of this chapter shall commence business until at least twenty percent (20%) of its capital stock has been paid for in actual cash and a sworn statement to that effect has been filed with the Secretary of State, and his or her receipt …
Ark. Code Ann. § 4-30-112 Percentage of stock ownership limited — Voting by members
0.2K chars
(a) No person shall be allowed to own or have an interest in more than ten percent (10%) of the capital stock of the corporation. (b) Voting upon all questions shall be by members and not by stock.
Ark. Code Ann. § 4-30-113 Books and records — Right of inspection
4.7K chars
(a) Each corporation organized under the provisions of this chapter shall keep correct and complete books and records of account and shall keep minutes of the proceedings of its shareholders and board of directors and shall keep at its registered office or principal place of busi…
Ark. Code Ann. § 4-30-114 Annual reports
0.4K chars
Each corporation organized under the provisions of this chapter shall make an annual report to the Secretary of State, as is required of other corporations. However, the cooperative corporation shall be required to report the names of its stockholders and the amount of the stock …
Ark. Code Ann. § 4-30-115 Forms prescribed by Secretary of State
0.2K chars
The form for receipts and any other papers necessary for carrying into effect the provisions of this chapter shall be prescribed by the Secretary of State.
Ark. Code Ann. § 4-30-116 Organization, ownership, control, etc., of other corporations or associations
0.4K chars
An association organized or existing hereunder may organize, form, operate, own, control, have an interest in, own stock of, or be a member of any corporation or association, with or without capital stock, engaged in any of the activities authorized under this chapter, whether fo…
Ark. Code Ann. § 4-30-117 Liability of members for association's debts
0.3K chars
Except for debts lawfully contracted between him or her and the association, no member shall be liable for the debts of the association to an amount exceeding the sum remaining unpaid on his or her membership fee or subscription to the capital stock, including any unpaid balance …
Ark. Code Ann. § 4-30-118 Tort liability of cooperative
0.3K chars
All cooperative corporations and associations organized under the laws of the State of Arkansas shall be liable and subject to being sued in the courts of the state for their torts resulting from the negligent acts of their agents, servants, and employees committed in the scope o…
Ark. Code Ann. § 4-30-201 Definition
0.2K chars
As used in this subchapter, unless the context otherwise requires, “cooperative bank” means a corporation or association organized under the provisions of this chapter which receives deposits and forwards checks, drafts, or orders for collection.
Ark. Code Ann. § 4-30-202 Applicability of subchapter
0.3K chars
Nothing in this subchapter shall apply to or affect in any manner the so-called agricultural credit corporations or any other type of association organized under this chapter which does not receive deposits or forward checks, drafts, or orders for collection.
Ark. Code Ann. § 4-30-203 Subchapter cumulative
0.3K chars
All parts and portions of this subchapter which confer authority or jurisdiction upon the Bank Commissioner or which are in aid or furtherance of such authority or jurisdiction are declared to be cumulative to all laws and parts of laws relating to investment companies, and these…
Ark. Code Ann. § 4-30-204 Future incorporation of cooperative banks prohibited
0.3K chars
After March 22, 1937, it shall not be lawful to organize or create and there shall not be organized or created any cooperative bank as defined in § 4-30-201, and the Secretary of State shall issue no certificates of incorporation or charters for cooperative banks.
Ark. Code Ann. § 4-30-205 Conditional termination of corporate existence
0.8K chars
The corporate existence of all of such cooperative banks organized under this chapter prior to March 22, 1937, which are situated in cities, towns, and communities in which there is established and placed in operation a state or national bank or a teller's window branch thereof a…