2-2-310. No approval for financial obligations — Exception.

Arkansas Code — all titles (historical 2020) · legal_authorities

2-2-310. No approval for financial obligations — Exception.

2-2-310. No approval for financial obligations — Exception. (a) The board of directors shall not be required to procure any consent from or authorization by the members, except in the instance of the increase of bonded indebtedness of the association, in authorizing: (1) The procurement of loans, the creation of obligations under which the association is to be primarily or secondarily liable, and the issuance of notes, bonds, and other obligations; and (2) The mortgage and pledge of all or any part of the association's assets, including after-acquired property, as security for any obligations so incurred. (b) Where the bonded indebtedness is increased within the meaning of Arkansas Constitution, Article 12, Section 8, authorization of both the creation of the additional indebtedness and the lien securing it shall be required in conformity with the constitutional provision.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 2-2-310

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.