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Arkansas Statutes, Title 4

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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

2,278 sections·Filtered byTitle 4✕

Ark. Code Ann. § 4-33-130 Powers
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The Secretary of State has the power reasonably necessary to perform the duties required of him or her by this chapter.
Ark. Code Ann. § 4-33-1301 Prohibited distributions
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Except as authorized by § 4-33-1302, a corporation shall not make any distributions.
Ark. Code Ann. § 4-33-1302 Authorized distributions
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(a) A mutual benefit corporation may purchase its memberships if after the purchase is completed:(1) the corporation would be able to pay its debts as they become due in the usual course of its activities; and(2) the corporation's total assets would at least equal the sum of its …
Ark. Code Ann. § 4-33-131 Annual disclosure of information
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(a) Each nonprofit domestic corporation, nonprofit foreign corporation, and nonprofit corporation organized under § 4-28-101 et seq. authorized to transact business in this state shall annually file with the Secretary of State by August 1 a statement that sets forth:(1) The name …

Showing 1,101–1,150 of 2,278

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Ark. Code Ann. § 4-33-140 Chapter definitions

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(1) Unless the context otherwise requires in this chapter:(1) “Approved by (or approval by) the members” means approved or ratified by the affirmative vote of a majority of the votes represented and voting at a duly held meeting at which a quorum is present (which affirmative vot…

Ark. Code Ann. § 4-33-1401 Dissolution by incorporators or directors and third persons

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(a) A majority of the incorporators or directors of a corporation that has no members may, subject to any approval required by the articles or bylaws, dissolve the corporation by delivering to the Secretary of State articles of dissolution. (b) The corporation shall give notice o…

Ark. Code Ann. § 4-33-1402 Dissolution by directors, members and third persons

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(a) Unless this chapter, the articles, bylaws or the board of directors or members (acting pursuant to subsection (c) of this section) require a greater vote or voting by class, dissolution is authorized if it is approved:(1) by the board;(2) by the members, if any, by two-thirds…

Ark. Code Ann. § 4-33-1404 Articles of dissolution

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(a) At any time after dissolution is authorized, the corporation may dissolve by delivering to the Secretary of State articles of dissolution setting forth:(1) the name of the corporation;(2) the date dissolution was authorized;(3) a statement that dissolution was approved by a s…

Ark. Code Ann. § 4-33-1406 Effect of dissolution

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(a) A dissolved corporation continues its corporate existence but may not carry on any activities except those appropriate to wind up and liquidate its affairs, including:(1) preserving and protecting its assets and minimizing its liabilities;(2) discharging or making provision f…

Ark. Code Ann. § 4-33-1407 Known claims against dissolved corporation

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(a) A dissolved corporation may dispose of the known claims against it by following the procedure described in this section. (b) The dissolved corporation shall notify its known claimants in writing of the dissolution at any time after its effective date. The written notice must:…

Ark. Code Ann. § 4-33-1408 Unknown claims against dissolved corporation

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(a) At any time after dissolution is authorized, a corporation may also publish notice of its dissolution and request that persons with claims against the corporation present them in accordance with the notice. (b) The notice must:(1) be published one (1) time in a newspaper of g…

Ark. Code Ann. § 4-33-141 Notice

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(a) Notice may be oral or written. (b) Notice may be communicated in person; by telephone, telegraph, teletype, telecopier, facsimile, or other form of wire or wireless communication; or by mail or private carrier; if these forms of personal notice are impracticable, notice may b…

Ark. Code Ann. § 4-33-1420 Grounds for administrative dissolution

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(1) The Secretary of State may commence a proceeding under § 4-33-1421 to administratively dissolve a corporation if:(1) the corporation does not pay within sixty (60) days after they are due any taxes or penalties imposed by this chapter;(2) the corporation is without a register…

Ark. Code Ann. § 4-33-1421 Procedure for and effect of administrative dissolution

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(a) Upon determining that one (1) or more grounds exist under § 4-33-1420 for dissolving a corporation, the Secretary of State shall serve the corporation with written notice of that determination. (b) If the corporation does not correct each ground for dissolution or demonstrate…

Ark. Code Ann. § 4-33-1422 Reinstatement following administrative dissolution

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(a) A corporation administratively dissolved under § 4-33-1421 may apply to the Secretary of State for reinstatement within two (2) years after the effective date of dissolution. The application must:(1) recite the name of the corporation and the effective date of its administrat…

Ark. Code Ann. § 4-33-1423 Appeal from denial of reinstatement

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(a) The Secretary of State, upon denying a corporation's application for reinstatement following administrative dissolution, shall serve the corporation with a written notice that explains the reasons for denial. (b) The corporation may appeal the denial of reinstatement to the P…

Ark. Code Ann. § 4-33-1430 Grounds for judicial dissolution

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(a) The circuit court may dissolve a corporation:(1) in a proceeding by the attorney general if it is established that:(i) the corporation obtained its articles of incorporation through fraud;(ii) the corporation has continued to exceed or abuse the authority conferred upon it by…

Ark. Code Ann. § 4-33-1431 Procedure for judicial dissolution

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(a) Venue for a proceeding by the Attorney General to dissolve a corporation lies in the Pulaski County Circuit Court. Venue for a proceeding brought by any other party named in § 4-33-1430 lies in the circuit court of the county where a corporation's principal office is or was l…

Ark. Code Ann. § 4-33-1432 Receivership or custodianship

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(a) A court in a judicial proceeding brought to dissolve a public benefit or mutual benefit corporation may appoint one (1) or more receivers to wind up and liquidate, or one (1) or more custodians to manage, the affairs of the corporation. The court shall hold a hearing, after n…

Ark. Code Ann. § 4-33-1433 Decree of dissolution

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(a) If after a hearing the court determines that one (1) or more grounds for judicial dissolution described in § 4-33-1430 exist, it may enter a decree dissolving the corporation and specifying the effective date of the dissolution, and the clerk of the court shall deliver a cert…

Ark. Code Ann. § 4-33-1440 Deposit with Treasurer of State

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Assets of a dissolved corporation that should be transferred to a creditor, claimant, or member of the corporation who cannot be found or who is not competent to receive them, shall be reduced to cash subject to known trust restrictions and deposited with the Treasurer of State f…

Ark. Code Ann. § 4-33-150 Internal Revenue section 501(c)(3) — Organizations and private foundations

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(a) Notwithstanding any provision of Arkansas law or in the articles of incorporation to the contrary, the articles of incorporation of each corporation organized under this chapter which is an exempt charitable, religious, literary, educational, or scientific organization as des…

Ark. Code Ann. § 4-33-1501 Authority to transact business required

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(a) A foreign corporation may not transact business in this state until it obtains a certificate of authority from the Secretary of State. (b) The following activities, among others, do not constitute transacting business within the meaning of subsection (a) of this section:(1) m…

Ark. Code Ann. § 4-33-1502 Consequences of transacting business without authority

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(a) A foreign corporation transacting business in this state without a certificate of authority may not maintain a proceeding in any court in this state until it obtains a certificate of authority. (b) The successor to a foreign corporation that transacted business in this state …

Ark. Code Ann. § 4-33-1503 Application for certificate of authority

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(a) A foreign corporation may apply for a certificate of authority to transact business in this state by delivering an application to the Secretary of State. The application must set forth:(1) the name of the foreign corporation or, if its name is unavailable for use in this stat…

Ark. Code Ann. § 4-33-1504 Amended certificate of authority

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(a) A foreign corporation authorized to transact business in this state must obtain an amended certificate of authority from the Secretary of State if it changes:(1) its corporate name;(2) the period of its duration;(3) any of the information required by § 4-20-105(a); or(4) the …

Ark. Code Ann. § 4-33-1505 Effect of certificate of authority

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(a) A certificate of authority authorizes the foreign corporation to which it is issued to transact business in this state subject, however, to the right of the state to revoke the certificate as provided in this chapter. (b) A foreign corporation with a valid certificate of auth…

Ark. Code Ann. § 4-33-1506 Corporate name of foreign corporation

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(a) If the corporate name of a foreign corporation does not satisfy the requirements of § 4-33-401, the foreign corporation, to obtain or maintain a certificate of authority to transact business in this state, may use a fictitious name to transact business in this state if its re…

Ark. Code Ann. § 4-33-1507 Registered office and registered agent of foreign corporation

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(1) Each foreign corporation authorized to transact business in this state must continuously maintain in this state:(1) a registered office with the same address as that of its registered agent; and(2) a registered agent, who may be:(i) an individual who resides in this state and…

Ark. Code Ann. § 4-33-1508 Change of registered office or registered agent of foreign corporation

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(a) A foreign corporation authorized to transact business in this state may change its registered office or registered agent by delivering to the Secretary of State for filing a statement of change that sets forth:(1) its name;(2) the street address of its current registered offi…

Ark. Code Ann. § 4-33-1509 Resignation of registered agent of foreign corporation

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(a) The registered agent of a foreign corporation may resign as agent by signing and delivering to the Secretary of State for filing the original and two (2) exact or conformed copies of a statement of resignation. The statement of resignation may include a statement that the reg…

Ark. Code Ann. § 4-33-1510 Service on foreign corporation

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(a) The registered agent of a foreign corporation authorized to transact business in this state is the corporation's agent for service of process, notice, or demand required or permitted by law to be served on the foreign corporation. (b) A foreign corporation may be served by re…

Ark. Code Ann. § 4-33-1520 Withdrawal of foreign corporation

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(a) A foreign corporation authorized to transact business in this state may not withdraw from this state until it obtains a certificate of withdrawal from the Secretary of State. (b) A foreign corporation authorized to transact business in this state may apply for a certificate o…

Ark. Code Ann. § 4-33-1530 Grounds for revocation

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(a) The Secretary of State may commence a proceeding under § 4-33-1531 to revoke the certificate of authority of a foreign corporation authorized to transact business in this state if:(1) the foreign corporation does not pay within one hundred twenty (120) days after they are due…

Ark. Code Ann. § 4-33-1531 Procedure and effect of revocation

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(a) The Secretary of State upon determining that one (1) or more grounds exist under § 4-33-1530 for revocation of a certificate of authority shall serve the foreign corporation with written notice of that determination under § 4-33-1510. (b) The Attorney General upon determining…

Ark. Code Ann. § 4-33-1532 Appeal from revocation

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(a) A foreign corporation may appeal the Secretary of State's revocation of its certificate of authority to the Circuit Court of Pulaski County within thirty (30) days after the service of the certificate of revocation is perfected under § 4-33-1510. The foreign corporation appea…

Ark. Code Ann. § 4-33-160 Judicial relief

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(a) If for any reason it is impractical or impossible for any corporation to call or conduct a meeting of its members, delegates, or directors, or otherwise obtain their consent, in the manner prescribed by its articles, bylaws, or this chapter, then upon petition of a director, …

Ark. Code Ann. § 4-33-1601 Conversion to a public water authority

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(1) 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 § 4-35-101 et seq., unless the articles or bylaws require otherwi…

Ark. Code Ann. § 4-33-1701 Application to existing domestic corporations

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All provisions of this chapter shall apply to all domestic corporations incorporated on or after January 1, 1994, as specified in § 4-33-1706. A corporation incorporated prior to January 1, 1994, under any general statute of this state providing for incorporation of nonprofit cor…

Ark. Code Ann. § 4-33-1702 Application to qualified foreign corporations

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A foreign corporation authorized to transact business in this state on January 1, 1994, is subject to this chapter but is not required to obtain a new certificate of authority to transact business under this chapter. Except for any applicable corporate franchise tax laws or any a…

Ark. Code Ann. § 4-33-1703 Saving provisions

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(a) Except as provided in subsection (b) of this section, the repeal of a statute by this chapter does not affect:(1) the operation of the statute or any action taken under it before its repeal;(2) any ratification, right, remedy, privilege, obligation, or liability acquired, acc…

Ark. Code Ann. § 4-33-1704 Severability

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If any provision of this chapter or its application to any person or circumstance is held invalid by a court of competent jurisdiction, the invalidity does not affect other provisions or applications of this chapter that can be given effect without the invalid provision or applic…

Ark. Code Ann. § 4-33-1705 Repeal

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All laws and parts of laws in conflict with this chapter are hereby repealed.

Ark. Code Ann. § 4-33-1706 Effective date

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This chapter takes effect January 1, 1994.

Ark. Code Ann. § 4-33-1707 Public benefit, mutual benefit and religious corporations

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(1) Upon electing to be governed by the provisions of this chapter, each domestic corporation existing on January 1, 1994, that becomes subject to this chapter shall be designated as a public benefit, mutual benefit or religious corporation as follows:(1) Any corporation designat…

Ark. Code Ann. § 4-33-180 Religious corporations — Constitutional protections

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If religious doctrine governing the affairs of a religious corporation is inconsistent with the provisions of this chapter on the same subject, the religious doctrine shall control to the extent required by the Constitution of the United States or the constitution of this state o…

Ark. Code Ann. § 4-33-201 Incorporators

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One (1) or more persons may act as the incorporator or incorporators of a corporation by delivering articles of incorporation to the Secretary of State for filing.

Ark. Code Ann. § 4-33-202 Articles of incorporation

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(a) The articles of incorporation must set forth:(1) a corporate name for the corporation that satisfies the requirements of § 4-33-401;(2) one (1) of the following statements:(i) this corporation is a public benefit corporation;(ii) this corporation is a mutual benefit corporati…

Ark. Code Ann. § 4-33-203 Incorporation

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(a) Unless a delayed effective date is specified, the corporate existence begins when the articles of incorporation are filed. (b) The Secretary of State's filing of the articles of incorporation is conclusive proof that the incorporation satisfied all conditions precedent to inc…

Ark. Code Ann. § 4-33-204 Liability for preincorporation transactions

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All persons purporting to act as or on behalf of a corporation, knowing there was no incorporation under this chapter, are jointly and severally liable for all liabilities created while so acting.