Title 15, Natural Resources and Economic Development

(a) A business and technology accelerator grant awarded under this subchapter:(1) Shall not:(A) Be awarded under this subchapter unless offered in writing by the Director of the Arkansas Economic Development Commission; and(B) Exceed two hundred fifty thousand dollars ($250,000);…

Business and technology accelerator grants awarded under this subchapter are limited by the amount of funds allocated to the Arkansas Business and Technology Accelerator Grant Program created under this subchapter.

The Division of Science and Technology of the Arkansas Economic Development Commission shall promulgate rules to implement and administer this subchapter.

This subchapter shall be known and may be cited as the “Arkansas Small Business Innovation Research Matching Grant Program”.

(1) The General Assembly finds that:(1) The federal Small Business Innovation Research Program encourages innovative small businesses to engage in federal research and commercialization that has the potential for technological innovation and commercialization;(2) Stimulating rese…

(1) As used in this subchapter:(1) “Eligible business” means a for-profit business that:(A) Is registered as a business entity in good standing with the Secretary of State; and(B) Has its principal place of business in Arkansas;(2) “Matching grant” means a discretionary grant of …

(a) (1) The Arkansas Small Business Innovation Research Matching Grant Program is created.(2) The Arkansas Economic Development Commission shall administer the program. (1) The Arkansas Small Business Innovation Research Matching Grant Program is created. (2) The Arkansas Economi…

(a) To be eligible for a matching grant under this subchapter, an applicant shall:(1) Be an eligible business; and(2) Certify that:(A) The eligible business:(i) For Phase I applications, has received a Small Business Innovation Research grant or a Small Business Technology Transf…

(a) To request a matching grant under this subchapter, an applicant shall complete and submit the application forms prescribed by the Arkansas Economic Development Commission under § 15-3-704. (b) An applicant shall submit an application for each federal Phase I and federal Phase…

(a) A matching grant awarded under this subchapter:(1) Shall not:(A) Be awarded under this subchapter unless offered in writing by the Director of the Arkansas Economic Development Commission; and(B) Exceed fifty percent (50%) of the federal Small Business Innovation Research awa…

Matching grants awarded under this subchapter are limited by the amount of funds allocated to the Arkansas Small Business Innovation Research Matching Grant Program created under this subchapter.

The Arkansas Economic Development Commission shall promulgate rules to carry out the purposes of this subchapter.

This act shall be referred to and may be cited as the “Arkansas Industrial Development Act”.

(a) This section and §§ 15-4-101, 15-4-201 — 15-4-204, 15-4-206, 15-4-209, 15-4-210, and § 15-4-501 et seq. shall be construed liberally. (b) The enumeration of any object, purpose, power, manner, method, or thing shall not be deemed to exclude like or similar objects, purposes, …

(a) As used in this section, “qualified community development corporation” means an organization chartered under the Arkansas nonprofit corporation law which:(1) Is governed by a board consisting of the area's business, professional, and civic leaders;(2) Has a record of implemen…

(a) When an Arkansas-based employee stock ownership plan buys at least twenty percent (20%) of the stock of an Arkansas-based business entity formed under Arkansas law and the Director of the Arkansas Economic Development Commission determines that had it not been for the purchas…

This subchapter shall be referred to and may be cited as the “County and Regional Industrial Development Company Act”.

(1) As used in this subchapter:(1) “Bank Commissioner” means the Bank Commissioner of the State of Arkansas;(2) “Board” means the State Banking Board;(3) “Company” means a county or regional industrial development corporation or limited liability company authorized to be organize…

(a) This subchapter shall be construed liberally. (b) The enumeration of any object, purpose, power, manner, method, or thing shall not be deemed to exclude like or similar objects, purposes, powers, manners, methods, or things.

Any five (5) or more qualified natural persons who shall be bona fide residents of the same county or region in this state to be served by the proposed company and who desire to associate themselves for the purpose of establishing and operating a company may subscribe, acknowledg…

(a) If the Bank Commissioner is satisfied that the applicants are bona fide residents of the county or region to be served by the proposed company, that the applicants have the confidence of their respective communities, that, in the case of a regional company, the proposed regio…

Upon receipt of such certificate of preliminary approval, the applicants may proceed to complete the organization of the company, to obtain subscriptions for and payment of its stock or limited liability units of interest, and to do all other things necessarily incidental to its …

The directors and officers of a corporation organized under the provisions of this subchapter and the managers and members of a limited liability company organized under the provisions of this subchapter shall not be responsible for losses of assets of the company unless the loss…

(a) When the applicants have completed the organization of the proposed company, they shall file with the Bank Commissioner a certificate of organization executed by the chief executive officer of the company, attested by its chief financial officer, and with its seal affixed the…

(a) (1) Immediately upon the filing of the certificate of organization by the applicants, the Bank Commissioner shall submit to the State Banking Board the proposed articles of incorporation, articles of organization and operating agreement, as appropriate, and the certificate of…

(a) Upon the issuance of the certificate of incorporation or certificate of organization by the Bank Commissioner, the existence of the company shall begin. (b) The certificate of incorporation or certificate of organization shall be conclusive evidence, except as against the sta…

(a) The articles of incorporation for any corporation or the articles of organization of any limited liability company organized under the provisions of this subchapter shall state:(1) The name of the company, which shall include the words “County Industrial Development Company” …

(a) A company organized under the provisions of this subchapter may amend its articles of incorporation or its articles of organization by a majority vote of the common stock in the case of a corporation or by a majority vote of the units of interest of a limited liability compan…

(a) (1) Only the holders of common stock, through the board of directors, shall manage the affairs of a corporation.(2) Only holders of units of interest in a limited liability company shall manage the affairs of a limited liability company.(3) Each holder of common stock or each…

(a) The purposes of each company organized under the provisions of this subchapter shall be to:(1) Promote, stimulate, develop, and advance the business prosperity and economic welfare of the county or region where it is located and its citizens;(2) Encourage and assist through l…

(a) The directors of a corporation, subject to such limitations as may be set forth in the articles of incorporation or bylaws of the corporation, may declare dividends to the holders of its stock and make partial distribution of its capital surplus pursuant to the provisions of …

(a) (1) From time to time as the conduct of its business requires, any company organized under the provisions of this subchapter may issue and sell at such price and on such terms as the board of directors or the management committee shall determine its bonds and notes not to exc…

(1) Notwithstanding any rule at common law or any provision of law or any provision in their respective articles of incorporation:(1) All domestic corporations, including nonprofit corporations and associations, organized for the purpose of carrying on business within this state,…

(a) Any financial institution may request membership in the company by making application to the board of directors or the management committee on such form and in such manner as the board of directors or the management committee may require, and membership shall become effective…

(a) (1) Membership in a company shall be for an indeterminate period not to exceed the termination date of the company stated in its articles of incorporation or articles of organization.(2) Provided, however, that:(A) Upon written notice given to a company five (5) years in adva…

(a) (1) The stock, units of interest, notes, debentures, bonds, and all other securities or obligations issued by any company organized and existing under the provisions of this subchapter shall be exempt from the provisions of the Arkansas Securities Act, § 23-42-101 et seq. (2)…

All bonds, notes, debentures, and other obligations of a company authorized under and issued in compliance with the provisions of this subchapter shall be, shall have, and are declared to have all the qualities and incidents of negotiable instruments under the negotiable instrume…

Any city or town in this state or any board, commission, or other authority duly established by ordinance of any such city or town or the boards of trustees, respectively, of the firemen's relief and pension fund and the policemen's pension and relief fund of any such city or tow…

(a) (1) County or regional industrial development companies shall be exempt from taxation under the Income Tax Act of 1929, § 26-51-101 et seq., and from the payment of any other income taxes levied by a county or a municipality.(2) Dividends on stock or distributions with respec…

(a) A company organized under the provisions of this subchapter shall not lend money when credit is readily available with comparable terms elsewhere. Before granting a loan, the directors of a corporation or the management committee of a limited liability company shall endeavor …

(a) (1) Each company organized under the provisions of this subchapter shall be subject to the general supervision and control of the Bank Commissioner.(2) In addition to the other duties imposed upon them by law, the powers of the Bank Commissioner are to:(A) Make reasonable rul…

(a) Any company organized under this subchapter, after the payment in full and cancellation of all its notes, bonds, and other obligations issued under the provisions of this subchapter or after the deposit in trust with the respective trustees designated in any deeds of trust gi…

(a) The Bank Commissioner may investigate, either upon complaint or otherwise, when it appears that a county or regional industrial development company is conducting its business in an unsafe and injurious manner or in violation of this subchapter or the rules promulgated under t…

This subchapter shall be known and may be cited as the “Inventors' Assistance Act”.

(1) As used in this subchapter:(1) “Center” means the Center for Prototype Development and Emerging Technologies to be developed and operated by the University of Arkansas at Little Rock;(2) “Commercial state” means the point at which a product has been developed beyond the theor…

(a) The Board of Trustees of the University of Arkansas, in consultation with the Arkansas Inventors Congress, Inc., is authorized to establish a Center for Prototype Development and Emerging Technologies at the University of Arkansas at Little Rock to provide assistance to inven…