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15-4-1205. Preliminary approval.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-1205. Preliminary approval.
(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 region constitutes a reasonably compact area with similar economic development needs, that public convenience and necessity require a company, and that the proposed articles of incorporation or articles of organization and operating agreement conform to the provisions of § 15-4-1211, the commissioner shall issue his or her certificate approving the articles of incorporation or articles of organization and operating agreement and authorizing the applicants to proceed with the organization of the company.
(b)(1) The commissioner shall not refuse a certificate to a regional company solely because one (1) or more county companies have been approved for the counties composing the region.
(2) Provided, however, only one (1) county industrial development company may be organized to serve in each individual county.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-1205
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:15-4-1205
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 504473375e2a64c9bf25fe24e2dda33403c78d160c7f8eb4c419d346d09c3eac
Source location: content.xml paragraph 2738
Stored source content
15-4-1205. Preliminary approval.
(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 region constitutes a reasonably compact area with similar economic development needs, that public convenience and necessity require a company, and that the proposed articles of incorporation or articles of organization and operating agreement conform to the provisions of § 15-4-1211, the commissioner shall issue his or her certificate approving the articles of incorporation or articles of organization and operating agreement and authorizing the applicants to proceed with the organization of the company.
(b)(1) The commissioner shall not refuse a certificate to a regional company solely because one (1) or more county companies have been approved for the counties composing the region.
(2) Provided, however, only one (1) county industrial development company may be organized to serve in each individual county.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-1211. Articles of incorporation or articles of organization.
(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” if the proposed company is to serve a single county, or “Regional Industrial Development Company” if the proposed company is to serve a region larger than a single county, and such designation as may be appropriate to distinguish it from any subsequent company which may be organized under the provisions of this subchapter, and the name shall be such as to distinguish it from any other corporation, limited liability company, limited partnership, limited liability partnership, and limited liability limited partnership organized and existing under the laws of the State of Arkansas as evidenced by the Secretary of State in writing;
(2) The purpose for which the company is formed;
(3) The period of duration of the company, which for a corporation may be perpetual or limited, but which for a limited liability company must be for a stated term;
(4) The address of the principal office of the company and the name and address of its agent upon whom process may be served;
(5) The total number of shares of common stock that the corporation is authorized to issue, which number shall be not less than one hundred (100) shares of common stock, each share having a par value of one hundred dollars ($100) in the case of a corporation or the total units of interest in the limited liability company that the limited liability company is authorized to issue, which number shall not be less than one hundred (100) units of interest, each unit
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-1211
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 15-4-1211. This identifies an authority to review, not proof of applicability.