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15-3-112. Prohibition on personal interest in contracts.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-3-112. Prohibition on personal interest in contracts.
(a) No director, officer, or employee of the Division of Science and Technology of the Arkansas Economic Development Commission or of the Board of Directors of the Division of Science and Technology of the Arkansas Economic Development Commission, for purpose of personal gain, shall have or attempt to have, directly or indirectly, any interest in any contract or agreement of the division in connection with the qualified investments or other programs of the division.
(b) The Director of the Arkansas Economic Development Commission shall not invest, pursuant to § 15-3-122, in any qualified security of:
(1) Any enterprise that is owned, wholly or partially, directly or indirectly, by any director or officer of the division; or
(2) Any enterprise that employs a director of the division.
(c) It shall not be a violation of this section for the Director of the Arkansas Economic Development Commission to permit any college, university, or other nonprofit institution with which a director is affiliated to participate in any program of the division, provided that the director shall promptly disclose the nature of the affiliation to the board.
(d)(1) It shall not be a violation of this section for the Director of the Arkansas Economic Development Commission to permit a manufacturer or other for-profit entity with which a director is affiliated to pay to the division fees for services and receive, in return for those fees, services:
(A) That are generally available to all manufacturers or other for-profit entities; and
(B) That are not available to the manufacturer or other for-profit entity solely due to its affiliation with a director.
(2)(A) A director affiliated with a manufacturer or other for-profit en
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-3-112
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:15-3-112
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 15238de767e67cbae86f09a809bd04248186178d00f5633773535095d5b357af
Source location: content.xml paragraph 429
Stored source content
15-3-112. Prohibition on personal interest in contracts.
(a) No director, officer, or employee of the Division of Science and Technology of the Arkansas Economic Development Commission or of the Board of Directors of the Division of Science and Technology of the Arkansas Economic Development Commission, for purpose of personal gain, shall have or attempt to have, directly or indirectly, any interest in any contract or agreement of the division in connection with the qualified investments or other programs of the division.
(b) The Director of the Arkansas Economic Development Commission shall not invest, pursuant to § 15-3-122, in any qualified security of:
(1) Any enterprise that is owned, wholly or partially, directly or indirectly, by any director or officer of the division; or
(2) Any enterprise that employs a director of the division.
(c) It shall not be a violation of this section for the Director of the Arkansas Economic Development Commission to permit any college, university, or other nonprofit institution with which a director is affiliated to participate in any program of the division, provided that the director shall promptly disclose the nature of the affiliation to the board.
(d)(1) It shall not be a violation of this section for the Director of the Arkansas Economic Development Commission to permit a manufacturer or other for-profit entity with which a director is affiliated to pay to the division fees for services and receive, in return for those fees, services:
(A) That are generally available to all manufacturers or other for-profit entities; and
(B) That are not available to the manufacturer or other for-profit entity solely due to its affiliation with a director.
(2)(A) A director affiliated with a manufacturer or other for-profit entity that enters into a contract or an agreement pursuant to subdivision (d)(1) of this section shall disclose the contract or agreement in writing to the Director of the Arkansas Economic Development Commission.
(B) The Director of the Arkansas Economic Development Commission shall inform the board of the contract or agreement at its next regularly scheduled meeting and attach a copy of the written disclosure to the minutes of that meeting.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-3-122. Purchase of qualified securities — Prerequisites — Advisory committees.
(a) The Arkansas Economic Development Commission may utilize moneys as appropriated by the General Assembly to purchase qualified securities issued by enterprises as a part of a scientific and technological project for the purpose of raising the initial capitalization for such scientific and technological projects subject to the conditions set forth in this section.
(b) The commission shall purchase qualified securities issued by an enterprise as a part of a scientific and technological project only after:
(1) Receipt of an application from the enterprise which contains:
(A) A business plan, including a description of the enterprise and its management, product, and market;
(B) A statement of the amount, timing, and projected use of the capital required;
(C) A statement of the potential economic impact of the enterprise, including the number, location, and types of jobs expected to be created; and
(D) Such other information as the commission shall request; and
(2) Approval of the investment by the Director of the Arkansas Economic Development Commission, with the advice of the Board of Directors of the Division of Science and Technology of the Arkansas Economic Development Commission, after the director shall find, based upon the application submitted by the enterprise and such additional investigation as the staff of the commission shall make, and incorporate in its minutes that:
(A) The proceeds of the investment will only be used to cover the initial capitalization needs of the enterprise except as hereinafter authorized;
(B) The enterprise has a reasonable chance of success;
(C) The commission's participation is necessary to the success of the enterprise because fu
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-3-122
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 15-3-122. This identifies an authority to review, not proof of applicability.