Browse Arkansas Code titles and sections
19-11-1302. Review of partial equity ownership agreements.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-11-1302. Review of partial equity ownership agreements.
(a) A partial equity ownership agreement is subject to review by submission of the partial equity ownership agreement to the Office of State Procurement and the Legislative Council under this section.
(b) Since the partial equity ownership agreement is fundamentally and substantially different from a state contract for commodities, goods, and services that are reviewed under the Arkansas Procurement Law, § 19-11-201 et seq., or other contract that is reviewed under subchapters 1-12 of this chapter, and since the partial equity ownership agreement is utilizing retirement trust funds that are not appropriated by the General Assembly, the partial equity ownership agreement is not subject to:
(1) A limitation of the term or duration of the partial equity ownership agreement; or
(2) An annual renewal clause.
(c) When submitting a partial equity ownership agreement for review, the state retirement system shall provide information that includes without limitation:
(1) The managing parties to the partial equity ownership agreement;
(2) The state retirement system's interest and ownership in the partial equity ownership agreement;
(3) The reason for the formation of or entry into the partial equity ownership agreement;
(4) Justification that the duration of the partial equity ownership agreement is necessary to serve the best interests of the retirants under the prudent investor rule as set out in §§ 24-2-610 — 24-2-619;
(5) The anticipated date of implementation of the partial equity ownership;
(6) The anticipated termination date of the partial equity ownership agreement; and
(7) Other information regarding the terms of the partial equity ownership agreement that the office or the Legislative Co
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-11-1302
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.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:19-11-1302
Source file: gov.ar.code.title.19.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 32044f686aba5d2c403b6051d17cd64b1a56b8f95ac291833f26bddf0a380697
Source location: content.xml paragraph 17756
Stored source content
19-11-1302. Review of partial equity ownership agreements.
(a) A partial equity ownership agreement is subject to review by submission of the partial equity ownership agreement to the Office of State Procurement and the Legislative Council under this section.
(b) Since the partial equity ownership agreement is fundamentally and substantially different from a state contract for commodities, goods, and services that are reviewed under the Arkansas Procurement Law, § 19-11-201 et seq., or other contract that is reviewed under subchapters 1-12 of this chapter, and since the partial equity ownership agreement is utilizing retirement trust funds that are not appropriated by the General Assembly, the partial equity ownership agreement is not subject to:
(1) A limitation of the term or duration of the partial equity ownership agreement; or
(2) An annual renewal clause.
(c) When submitting a partial equity ownership agreement for review, the state retirement system shall provide information that includes without limitation:
(1) The managing parties to the partial equity ownership agreement;
(2) The state retirement system's interest and ownership in the partial equity ownership agreement;
(3) The reason for the formation of or entry into the partial equity ownership agreement;
(4) Justification that the duration of the partial equity ownership agreement is necessary to serve the best interests of the retirants under the prudent investor rule as set out in §§ 24-2-610 — 24-2-619;
(5) The anticipated date of implementation of the partial equity ownership;
(6) The anticipated termination date of the partial equity ownership agreement; and
(7) Other information regarding the terms of the partial equity ownership agreement that the office or the Legislative Council may reasonably require for an adequate review.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-11-201. Title.
This subchapter shall be referred to as the “Arkansas Procurement Law”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-11-201
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 19-11-201. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-2-610. Prudent investor rule.
(a) Except as otherwise provided in subsection (b) of this section, trustees who invest and manage trust assets owe a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in §§ 24-2-610 — 24-2-619.
(b)(1) The prudent investor rule, a default rule, may be expanded, restricted, eliminated, or otherwise altered by the provisions of a trust.
(2) Trustees are not liable to a beneficiary to the extent that the trustees acted in reasonable reliance on the provisions of the trust.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-2-610
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 24-2-610. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-2-619. Language invoking standard of subchapter.
The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this subchapter:
(1) “Investments permissible by law for investment of trust funds”;
(2) “Legal investments”;
(3) “Authorized investments”;
(4) “Using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital”;
(5) “Prudent man rule”;
(6) “Prudent trustee rule”;
(7) “Prudent person rule”; and
(8) “Prudent investor rule”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-2-619
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 24-2-619. This identifies an authority to review, not proof of applicability.