Title 4, Business and Commercial Law

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.

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.”.

(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…

(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 …

(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 …

(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…

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 …

(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.

(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…

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 …

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.

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…

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 …

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…

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.

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.

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…

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.

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…

On failure of any cooperative bank organized under this chapter prior to March 22, 1937, to comply with the provisions of § 4-30-205, it shall become the duty of the Bank Commissioner to take charge of the cooperative bank under the provisions of Acts 1931, No. 109, § 8 [repealed…

(a) (1) Every cooperative bank organized under this chapter prior to March 22, 1937, which is not situated in a city, town, or community in which there is also situated a state or national bank or a teller's window branch thereof is declared to be an investment company and shall …