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2-2-425. Existing entities may participate.
Arkansas Code — all titles (historical 2020) · legal_authorities
2-2-425. Existing entities may participate.
(a)(1) By a majority vote of its stockholders or members, any corporation or association organized under previous existing statutes may be brought under the provisions of this subchapter by limiting its membership and adopting the other restrictions as provided in this subchapter.
(2) It shall make out in duplicate a statement signed and sworn to by its directors upon forms supplied by the Secretary of State to the effect that the corporation or association has by a majority vote of its stockholders or members decided to accept the benefits and be bound by the provisions of this subchapter.
(3) Articles of incorporation shall be filed as required in § 2-2-408, except that they shall be signed by the members of the board of directors.
(b) The filing fee shall be the same as for filing an amendment to articles of incorporation.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 2-2-425
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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Stable record: arkansas_code:legal_authorities:2-2-425
Source file: gov.ar.code.title.02.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 69b1dbcd53e159b624dfa29f2ea662eff6ae719e00b2618ececab864b03d6a38
Source location: content.xml paragraph 954
Stored source content
2-2-425. Existing entities may participate.
(a)(1) By a majority vote of its stockholders or members, any corporation or association organized under previous existing statutes may be brought under the provisions of this subchapter by limiting its membership and adopting the other restrictions as provided in this subchapter.
(2) It shall make out in duplicate a statement signed and sworn to by its directors upon forms supplied by the Secretary of State to the effect that the corporation or association has by a majority vote of its stockholders or members decided to accept the benefits and be bound by the provisions of this subchapter.
(3) Articles of incorporation shall be filed as required in § 2-2-408, except that they shall be signed by the members of the board of directors.
(b) The filing fee shall be the same as for filing an amendment to articles of incorporation.
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Arkansas Code — all titles (historical 2020) · legal_authorities
2-2-408. Articles of incorporation.
(a) Each association formed under this subchapter must prepare and file articles of incorporation setting forth:
(1) The name of the association;
(2) The purposes for which it is formed;
(3) The place where its principal business will be transacted;
(4) The term for which it is to exist, not exceeding fifty (50) years;
(5)(A) The number of directors, which must be not fewer than five (5) and may be any number in excess thereof; and
(B) The term of office of the directors;
(6)(A)(i) If organized without capital stock, whether the property rights and interest of each member shall be equal or unequal.
(ii) If unequal, the articles shall set forth the general rules applicable to all members by which the property rights and interests, respectively, of each member may and shall be determined and fixed.
(B) The association shall have the power to admit new members who shall be entitled to share in the property of the association with the old members, in accordance with the general rules.
(C) This provision of the articles of incorporation shall not be altered, amended, or repealed except by the written consent of the vote of three-fourths (¾) of the members; and
(7)(A) If organized with capital stock, the amount of the stock and the number of shares into which it is divided and the par value thereof.
(B)(i) The capital stock may be divided into preferred and common stock.
(ii) If so divided, the articles of incorporation must contain a statement of the number of shares of stock to which preference is granted, the number of shares of stock to which no preference is granted, and the nature and extent of the preference and privileges granted to each.
(b)(1) The articles must be subscribed by the incorporators and a
Source: Arkansas Code — historical release 78 (November 6, 2020) · 2-2-408
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 2-2-408. This identifies an authority to review, not proof of applicability.