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15-4-403. Definitions.

Arkansas Code — all titles (historical 2020) · legal_authorities

15-4-403. Definitions.

15-4-403. Definitions. As used in this subchapter: (1) “Council” means the Arkansas Economic Development Council; (2) “Division” means the Division of Minority Business Enterprise of the Arkansas Economic Development Commission; (3) “Small business concern” means small business firms in this state owned and operated by: (A) Socially and economically disadvantaged individuals who are qualified to receive federally secured loans through small business investment companies licensed by the United States Small Business Administration; and (B) Small business firms owned and operated by persons of limited financial means; and (4) “Small business investment company” means a small business investment company organized and chartered under the business corporation or nonprofit corporation statutes of this state or formed as a limited partnership for the purpose of making investment loans for capital improvements and expansion to persons whose participation in the free enterprise system is hampered because of social or economic disadvantages, as authorized in 15 U.S.C. § 681(d) [repealed], or because of limited financial means.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-403

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Stable record: arkansas_code:legal_authorities:15-4-403
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 300b03d372fe3a7cc72e9bb533128639e4e46ff86cf2d1167ed42a39b5ebec3a

Source location: content.xml paragraph 1867

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 681 — Organization

**(a) Incorporation and charter under State law, period of succession; area of operations** A small business investment company shall be an incorporated body, a limited liability company, or a limited partnership organized and chartered or otherwise existing under State law solely for the purpose of performing the functions and conducting the activities contemplated under this subchapter, which, if incorporated, has succession for a period of not less than thirty years unless sooner dissolved by its shareholders, and if a limited partnership, has succession for a period of not less than ten years, and possesses the powers reasonably necessary to perform such functions and conduct such activities. The area in which the company is to conduct its operations, and the establishment of branch offices or agencies (if authorized by the articles), shall be subject to the approval of the Administration. **(b) Articles of incorporation; approval** The articles of any small business investment company shall specify in general terms the objects for which the company is formed, the name assumed by such company, the area or areas in which its operations are to be carried on, the place where its principal office is to be located, and the amount and classes of its shares of capital stock. Such articles may contain any other provisions not inconsistent with this chapter that the company may see fit to adopt for the regulation of its business and the conduct of its affairs. Such articles and any amendments thereto adopted from time to time shall be subject to the approval of the Administration. **(c) Issuance of license** (1) **Submission of application** — Each applicant for a license to operate as a small business investment company under this chapter shall submit to the Administrato

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 681

Stored review status: release_metadata_unconfirmed. The source passage cites 15 U.S.C. § 681. This identifies an authority to review, not proof of applicability.

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 681 — Organization

Page 1087 TITLE 15—COMMERCE AND TRADE § 681 trator, and shall receive compensation at the rate provided by law for other Associate Admin- istrators of the Small Business Administration. (Pub. L. 85–699, title II, § 201, Aug. 21, 1958, 72 Stat. 690; Pub. L. 89–117, title III, § 316(b), Aug. 10, 1965, 79 Stat. 484; Pub. L. 89–779, § 2, Nov. 6, 1966, 80 Stat. 1359.) Editorial Notes AMENDMENTS 1966—Pub. L. 89–779 substituted ‘‘Associated Adminis- trator’’ for ‘‘Deputy Administrator’’ as the head of the Small Business Investment Division of the Small Busi- ness Administration, substituted the rate provided by law for other Associate Administrators of the Small Business Administration for the rate provided by law for the other Deputy Administrators of the Small Busi- ness Administration as the standard of compensation for the head of the Small Business Investment Division, and struck out provisions spelling out the proper exer- cise of the powers conferred on the Administration and on the Administrator through the Small Business In- vestment Division and the Division head. See section 687(f) of this title. 1965—Pub. L. 89–117 provided that the powers con- ferred by subchapters IV–A and V of this chapter shall be exercised through such divisions, sections, or other personnel as the Administrator in his discretion deter- mines. § 672. Repealed. Pub. L. 87–341, § 11(h)(1), Oct. 3, 1961, 75 Stat. 757 Section, Pub. L. 85–699, title II, § 202(b), Aug. 21, 1958, 72 Stat. 691, authorized appropriations for business ex- penses. SUBCHAPTER III—INVESTMENT DIVISION PROGRAMS PART A—SMALL BUSINESS INVESTMENT COMPANIES § 681. Organization (a) Incorporation and charter under State law, period of succession; area of operations A small business investment company sha

Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 681

Stored review status: historical_2024_not_currentness_verified. The source passage cites 15 U.S.C. § 681. This identifies an authority to review, not proof of applicability.