4-26-901. Corporate indebtedness — Mortgage of assets authorized.

Arkansas Code — all titles (historical 2020) · legal_authorities

4-26-901. Corporate indebtedness — Mortgage of assets authorized.

4-26-901. Corporate indebtedness — Mortgage of assets authorized. In authorizing the procurement of corporate loans, the creation of obligations under which the corporation is to be primarily or secondarily liable; the issuance of corporate notes, bonds, and other obligations; and the mortgage and pledge of all or any part of the corporate assets, including after-acquired property, as security for any obligation so incurred, the board of directors shall not be required to procure any consent from or authorization by the shareholders except in the instance of the increase of bonded indebtedness of the corporation. Where the bonded indebtedness is increased within the meaning of Arkansas Constitution, Article 12, § 8, shareholders' authorization of both the creation of the additional indebtedness and the lien securing the same shall be required in conformity with the constitutional provision.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-26-901

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.