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Arkansas Statutes, Title 4

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Arkansas/Statutes

← All Arkansas coverage

Title 4, Business and Commercial Law

88 chapters · 2,278 sections in this title.

All chapters in Title 42,278 Ch 27, Business Corporation Act of 1987186 Ch 33, The Arkansas Nonprofit Corporation A…160 Ch 9, Secured Transactions153 Ch 38, Uniform Limited Liability Company Act125 Ch 75, Unfair Practices121 Ch 47, Uniform Limited Partnership Act108 Ch 26, Business Corporations Generally106 Ch 2, Sales103 Ch 88, Deceptive Trade Practices97 Ch 28, Nonprofit Organizations92 Ch 46, Uniform Partnership Act70 Ch 3, Negotiable Instruments68 Ch 90, Automobiles55 Ch 8, Investment Securities52

160 sections·Filtered byTitle 4✕Ch 33✕

Ark. Code Ann. § 4-33-612 Member's liability to third parties
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A member of a corporation is not, as such, personally liable for the acts, debts, liabilities, or obligations of the corporation.
Ark. Code Ann. § 4-33-613 Member's liability for dues, assessments and fees
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A member may become liable to the corporation for dues, assessments or fees; provided, however, that an article or bylaw provision or a resolution adopted by the board authorizing or imposing dues, assessments or fees does not, of itself, create liability.
Ark. Code Ann. § 4-33-614 Creditor's action against member
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(a) No proceeding may be brought by a creditor to reach the liability, if any, of a member to the corporation unless final judgment has been rendered in favor of the creditor against the corporation and execution has been returned unsatisfied in whole or in part or unless such pr…
Ark. Code Ann. § 4-33-620 Resignation
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(a) A member may resign at any time. (b) The resignation of a member does not relieve the member from any obligations the member may have to the corporation as a result of obligations incurred or commitments made prior to resignation.

Showing 101–150 of 160

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Ark. Code Ann. § 4-33-621 Termination, expulsion and suspension

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(a) No member of a public benefit or mutual benefit corporation may be expelled or suspended, and no membership or memberships in such corporations may be terminated or suspended except pursuant to a procedure that is fair and reasonable and is carried out in good faith. (b) A pr…

Ark. Code Ann. § 4-33-622 Purchase of memberships

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(a) A public benefit or religious corporation may not purchase any of its memberships or any right arising therefrom. (b) A mutual benefit corporation may purchase the membership of a member who resigns or whose membership is terminated for the amount and pursuant to the conditio…

Ark. Code Ann. § 4-33-640 Delegates

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(a) A corporation may provide in its articles or bylaws for delegates having some or all of the authority of members. (b) The articles or bylaws may set forth provisions relating to:(1) the characteristics, qualifications, rights, limitation and obligations of delegates including…

Ark. Code Ann. § 4-33-701 Annual and regular meetings

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(a) A corporation with members shall hold a membership meeting annually at a time stated in or fixed in accordance with the bylaws. (b) A corporation with members may hold regular membership meetings at times stated in or fixed in accordance with the bylaws. (c) Annual and regula…

Ark. Code Ann. § 4-33-702 Special meeting

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(a) A corporation with members shall hold a special meeting of members:(1) on call of its board or the person or persons authorized to do so by the articles or bylaws; or(2) except as provided in the articles or bylaws of a religious corporation if the holders of at least five pe…

Ark. Code Ann. § 4-33-703 Court-ordered meeting

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(a) The circuit court of the county where a corporation's principal office is located or the Pulaski County Circuit Court, if the corporation does not have a principal office in this state, may summarily order a meeting to be held:(1) on application of any member or other person …

Ark. Code Ann. § 4-33-704 Action by written consent

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(a) (1) Unless limited or prohibited by the articles or bylaws, action required or permitted by this chapter to be approved by the members may be approved without a meeting of members if the action is approved by members holding at least eighty percent (80%) of the voting power.(…

Ark. Code Ann. § 4-33-705 Notice of meeting

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(a) A corporation shall give notice consistent with its bylaws of meetings of members in a fair and reasonable manner. (b) Any notice that conforms to the requirements of subsection (c) of this section is fair and reasonable, but other means of giving notice may also be fair and …

Ark. Code Ann. § 4-33-706 Waiver of notice

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(a) (1) A member may waive any notice required by this chapter, the articles, or bylaws before or after the date and time stated in the notice.(2) The waiver must be in writing, be signed by the member entitled to the notice, and be delivered to the corporation for inclusion in t…

Ark. Code Ann. § 4-33-707 Record date — Determining members entitled to notice and vote

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(a) The bylaws of a corporation may fix or provide the manner of fixing a date as the record date for determining the members entitled to notice of a members' meeting. If the bylaws do not fix or provide for fixing such a record date, the board may fix a future date as such a rec…

Ark. Code Ann. § 4-33-708 Action by written ballot

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(a) Unless prohibited or limited by the articles or bylaws, any action that may be taken at any annual, regular, or special meeting of members may be taken without a meeting if the corporation delivers a written ballot to every member entitled to vote on the matter. (b) A written…

Ark. Code Ann. § 4-33-720 Members' list for meeting

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(a) After fixing a record date for a notice of a meeting, a corporation shall prepare an alphabetical list of the names of all its members who are entitled to notice of the meeting. The list must show the address and number of votes each member is entitled to vote at the meeting.…

Ark. Code Ann. § 4-33-721 Voting entitlement generally

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(a) Unless the articles or bylaws provide otherwise, each member is entitled to one (1) vote on each matter voted on by the members. When more than one (1) membership is held by a single entity, the member shall be entitled to one (1) vote for each such membership. (b) Unless the…

Ark. Code Ann. § 4-33-722 Quorum requirements

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(a) Unless this chapter, 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 at a meeting of members to constitute a quorum on that matter. (b) A bylaw amendment to decrease the quorum fo…

Ark. Code Ann. § 4-33-723 Voting requirements

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(a) Unless this chapter, the articles, or the bylaws require a greater vote or voting by class, if a quorum is present, the affirmative vote of the votes represented and voting (which affirmative votes also constitute a majority of the required quorum) is the act of the members. …

Ark. Code Ann. § 4-33-724 Proxies

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(a) Unless the articles or bylaws prohibit or limit proxy voting, a member may appoint a proxy to vote or otherwise act for the member by signing an appointment form either personally or by an attorney-in-fact. (b) (1) An appointment of a proxy is effective when received by the s…

Ark. Code Ann. § 4-33-725 Cumulative voting for directors

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(a) If the articles or bylaws provide for cumulative voting by members, members may so vote, by multiplying the number of votes the members are entitled to cast by the number of directors for whom they are entitled to vote, and cast the product for a single candidate or distribut…

Ark. Code Ann. § 4-33-726 Other methods of electing directors

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A corporation may provide in its articles or bylaws for election of directors by members or delegates: (1) on the basis of chapter or other organizational unit; (2) by region or other geographic unit; (3) by preferential voting; or (4) by any other reasonable method.

Ark. Code Ann. § 4-33-727 Corporation's acceptance of votes

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(a) If the name signed on a vote, consent, waiver, or proxy appointment corresponds to the name of a member, the corporation if acting in good faith is entitled to accept the vote, consent, waiver, or proxy appointment and give it effect as the act of the member. (b) If the name …

Ark. Code Ann. § 4-33-730 Voting agreements

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(a) Two (2) or more members may provide for the manner in which they will vote by signing an agreement for that purpose. Such agreements may be valid for a period of up to ten (10) years. For public benefit corporations such agreements must have a reasonable purpose not inconsist…

Ark. Code Ann. § 4-33-801 Requirement for and duties of board

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(a) Each corporation must have a board of directors. (b) Except as provided in this chapter or subsection (c) of this section, all corporate powers shall be exercised by or under the authority of, and the affairs of the corporation managed under the direction of, its board. (c) T…

Ark. Code Ann. § 4-33-802 Qualification of directors

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All directors must be individuals. The articles or bylaws may prescribe other qualifications for directors.

Ark. Code Ann. § 4-33-803 Number of directors

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(a) A board of directors must consist of three (3) or more individuals, with the number specified in or fixed in accordance with the articles or bylaws. (b) The number of directors may be increased or decreased (but to no fewer than three (3)) from time to time by amendment to or…

Ark. Code Ann. § 4-33-804 Election, designation and appointment of directors

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(a) If the corporation has members, all the directors (except the initial directors) shall be elected at the first annual meeting of members, and at each annual meeting thereafter, unless the articles or bylaws provide some other time or method of election, or provide that some o…

Ark. Code Ann. § 4-33-805 Terms of directors generally

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(a) The articles or bylaws must specify the term of directors. Except for designated or appointed directors, the terms of directors may not exceed the lesser of six (6) years or the stated duration of the corporation. In the absence of any term specified in the articles or bylaws…

Ark. Code Ann. § 4-33-806 Staggered terms for directors

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The articles or bylaws may provide for staggering the terms of directors by dividing the total number of directors into groups. The terms of office of the several groups need not be uniform.

Ark. Code Ann. § 4-33-807 Resignation of directors

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(a) A director may resign at any time by delivering written notice to the board of directors, its presiding officer or to the president or secretary. (b) A resignation is effective when the notice is effective unless the notice specifies a later effective date. If a resignation i…

Ark. Code Ann. § 4-33-808 Removal of directors elected by members or directors

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(a) The members may remove one (1) or more directors elected by them without cause. (b) If a director is elected by a class, chapter or other organizational unit or by region or other geographic grouping, the director may be removed only by the members of that class, chapter, uni…

Ark. Code Ann. § 4-33-809 Removal of designated or appointed directors

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(a) A designated director may be removed by an amendment to the articles or bylaws deleting or changing the designation. (b) Appointed directors:(1) except as otherwise provided in the articles or bylaws, an appointed director may be removed without cause by the person appointing…

Ark. Code Ann. § 4-33-810 Removal of directors by judicial proceeding

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(a) The circuit court of the county where a corporation's principal office is located may remove any director of the corporation from office in a proceeding commenced either by the corporation or its members holding at least ten percent (10%) of the voting power of any class, if …

Ark. Code Ann. § 4-33-811 Vacancy on board

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(a) Unless the articles or bylaws provide otherwise, and except as provided in subsections (b) and (c) of this section, if a vacancy occurs on a board of directors, including a vacancy resulting from an increase in the number of directors:(1) the members, if any, may fill the vac…

Ark. Code Ann. § 4-33-812 Compensation of directors

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Unless the articles or bylaws provide otherwise, a board of directors may fix the compensation of directors.

Ark. Code Ann. § 4-33-820 Regular and special meetings

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(a) If the time and place of a directors' meeting is fixed by the bylaws or the board, the meeting is a regular meeting. All other meetings are special meetings. (b) A board of directors may hold regular or special meetings in or out of this state. (c) Unless the articles or byla…

Ark. Code Ann. § 4-33-821 Action without meeting

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(a) (1) Unless the articles or bylaws provide otherwise, action required or permitted by this chapter to be taken at a board of directors' meeting may be taken without a meeting if the action is taken by all members of the board.(2) The action must be evidenced by one (1) or more…

Ark. Code Ann. § 4-33-822 Call and notice of meetings

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(a) Unless the articles, bylaws or subsection (c) of this section provide otherwise, regular meetings of the board may be held without notice. (b) Unless the articles, bylaws or subsection (c) of this section provide otherwise, special meetings of the board must be preceded by at…

Ark. Code Ann. § 4-33-823 Waiver of notice

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(a) (1) A director may at any time waive any notice required by this chapter, the articles, or bylaws.(2) Except as provided in subsection (b) of this section, the waiver must be in writing, signed by the director entitled to the notice, and filed with the minutes of the corporat…

Ark. Code Ann. § 4-33-824 Quorum and voting

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(a) Except as otherwise provided in this chapter, the articles or bylaws, a quorum of a board of directors consists of a majority of the directors in office immediately before a meeting begins. (b) If a quorum is present when a vote is taken, the affirmative vote of a majority of…

Ark. Code Ann. § 4-33-825 Committees of the board

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(a) Unless prohibited or limited by the articles or bylaws, a board of directors may create one (1) or more committees of the board and appoint members of the board to serve on them. Each committee shall have two (2) or more directors, who serve at the pleasure of the board. (b) …

Ark. Code Ann. § 4-33-830 General standards for directors

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(a) A director shall discharge his or her duties as a director, including his or her duties as a member of a committee:(1) in good faith;(2) with the care an ordinarily prudent person in a like position would exercise under similar circumstances; and(3) in a manner the director r…

Ark. Code Ann. § 4-33-831 Director conflict of interest

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(a) A conflict of interest transaction is a transaction with the corporation in which a director of the corporation has a direct or indirect interest. A conflict of interest transaction is not voidable or the basis for imposing liability on the director if any of the following is…

Ark. Code Ann. § 4-33-832 Loans to or guaranties for directors and officers

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(a) A corporation may not lend money to or guaranty the obligation of a director or officer of the corporation. (b) The fact that a loan or guaranty is made in violation of this section does not affect the borrower's liability on the loan.

Ark. Code Ann. § 4-33-833 Liability for unlawful distributions

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(a) Unless a director complies with the applicable standards of conduct described in § 4-33-830, a director who votes for or assents to a distribution made in violation of this chapter is personally liable to the corporation for the amount of the distribution that exceeds what co…

Ark. Code Ann. § 4-33-840 Required officers

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(a) Unless otherwise provided in the articles or bylaws, a corporation shall have a president, a secretary, a treasurer and such other officers as are appointed by the board. (b) The bylaws or the board shall delegate to one (1) of the officers responsibility for preparing minute…

Ark. Code Ann. § 4-33-842 Standards of conduct for officers

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(a) An officer with discretionary authority shall discharge his or her duties under that authority:(1) in good faith;(2) with the care an ordinarily prudent person in a like position would exercise under similar circumstances; and(3) in a manner the officer reasonably believes to…

Ark. Code Ann. § 4-33-843 Resignation and removal of officers

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(a) An officer may resign at any time by delivering notice to the corporation. A resignation is effective when the notice is effective unless the notice specifies a future effective date. If a resignation is made effective at a future date and the corporation accepts the future e…

Ark. Code Ann. § 4-33-844 Contract rights of officers

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(a) The appointment of an officer does not itself create contract rights. (b) An officer's removal does not affect the officer's contract rights, if any, with the corporation. An officer's resignation does not affect the corporation's contract rights, if any, with the officer.