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15-5-205. Board meetings.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-205. Board meetings.
(a) The powers of the Arkansas Development Finance Authority shall be vested in the members of the Board of Directors of the Arkansas Development Finance Authority in office from time to time, and six (6) members of the board shall constitute a quorum at any meeting thereof.
(b) Action may be taken and motions and resolutions adopted by the board at any meeting thereof by the affirmative vote of a majority of present and voting board members.
(c) However, any motion and resolution to authorize an issue of bonds, to approve a loan application, to authorize a lease transaction, or to approve a bond guaranty shall have the affirmative vote of at least six (6) board members.
(d) No vacancy in the membership of the board shall impair the right of a quorum of the members to exercise all the powers and perform all duties of the board.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-205
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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Record provenance
Stable record: arkansas_code:legal_authorities:15-5-205
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b71e929f86d339da8457b2770aba27a3579a046f51dbb07a28227d89945035c6
Source location: content.xml paragraph 7428
Stored source content
15-5-205. Board meetings.
(a) The powers of the Arkansas Development Finance Authority shall be vested in the members of the Board of Directors of the Arkansas Development Finance Authority in office from time to time, and six (6) members of the board shall constitute a quorum at any meeting thereof.
(b) Action may be taken and motions and resolutions adopted by the board at any meeting thereof by the affirmative vote of a majority of present and voting board members.
(c) However, any motion and resolution to authorize an issue of bonds, to approve a loan application, to authorize a lease transaction, or to approve a bond guaranty shall have the affirmative vote of at least six (6) board members.
(d) No vacancy in the membership of the board shall impair the right of a quorum of the members to exercise all the powers and perform all duties of the board.
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