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17-42-603. Disposition of funds.
Arkansas Code — all titles (historical 2020) · legal_authorities
17-42-603. Disposition of funds.
(a)(1) The recipient of the funds generated by the interest on real estate brokers' trust account program shall be such Arkansas nonprofit corporation as the Arkansas Real Estate Commission shall designate.
(2) The corporation shall be governed by a board of directors consisting of not fewer than five (5) nor more than fifteen (15) members.
(3) At least sixty percent (60%) of the total number of directors shall be appointed by the commission and the remainder by the Arkansas Realtors Association.
(4) The corporation shall be tax exempt as defined by § 501(c)(3) of the Internal Revenue Code.
(b) The funds generated by the program shall be used for economic development, research, education, and such other public service purposes as may be determined by the recipient corporation specified in this section.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-42-603
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:17-42-603
Source file: gov.ar.code.title.17.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 414184a21db018fc2bbd37e716674f15e0dcb115e4dab58111d4a8e1180084a8
Source location: content.xml paragraph 16047
Stored source content
17-42-603. Disposition of funds.
(a)(1) The recipient of the funds generated by the interest on real estate brokers' trust account program shall be such Arkansas nonprofit corporation as the Arkansas Real Estate Commission shall designate.
(2) The corporation shall be governed by a board of directors consisting of not fewer than five (5) nor more than fifteen (15) members.
(3) At least sixty percent (60%) of the total number of directors shall be appointed by the commission and the remainder by the Arkansas Realtors Association.
(4) The corporation shall be tax exempt as defined by § 501(c)(3) of the Internal Revenue Code.
(b) The funds generated by the program shall be used for economic development, research, education, and such other public service purposes as may be determined by the recipient corporation specified in this section.
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