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4-28-208. Private foundations — Amendment of articles of incorporation by operation of law.

Arkansas Code — all titles (historical 2020) · legal_authorities

4-28-208. Private foundations — Amendment of articles of incorporation by operation of law.

4-28-208. Private foundations — Amendment of articles of incorporation by operation of law. (a) Notwithstanding any provision in the laws of this state, including the provisions of the Arkansas Nonprofit Corporation Act, §§ 4-28-201 — 4-28-206 and 4-28-209 — 4-28-224, or in the articles of incorporation to the contrary, except as provided in subsection (c) of this section, the articles of incorporation of each corporation which is a “private foundation” as defined in section 509 of the Internal Revenue Code of 1954, 26 U.S.C. § 509, shall be deemed to contain the following provisions: “The corporation shall make distributions at such time and in such manner as not to become subject to the tax on undistributed income imposed by section 4942 of the Internal Revenue Code of 1954; the corporation shall not engage in any act of self-dealing (as defined in section 4941(d) of the Code) which would subject it to tax under section 4941 of the Code; the corporation shall not retain any excess business holdings (as defined in section 4943(c) of the Code) which would subject it to tax under section 4943 of the Code; the corporation shall not make any investments in such manner as to subject it to tax under section 4944 of the Code; and the corporation shall not make any taxable expenditures (as defined in section 4945(d) of the Code) which would subject it to tax under section 4945 of the Code.” (b) With respect to any such corporation organized prior to January 1, 1970, subsection (a) of this section shall apply only for its taxable years beginning on or after January 1, 1972. (c) The articles of incorporation of any corporation described in subsection (a) of this section may be amended to expressly exclude the application of this section, and in the event of amendment, thi

Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-28-208

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:4-28-208
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: a661cb92d87cf665c9925ff11678a77858411cd766afe552aa2abaa592edcd76

Source location: content.xml paragraph 18597

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 1 — Tax imposed

**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of— (1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and (2) every surviving spouse (as defined in section 2(a)), a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000. **(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000. **(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1

Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 1. This identifies an authority to review, not proof of applicability.

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 1 — Tax imposed

Page 25 TITLE 26—INTERNAL REVENUE CODE § 1 1 Section catchline amended by Pub. L. 95–30 without cor- responding amendment of analysis. 2014—Pub. L. 113–295, div. A, title II, § 221(a)(12)(A), Dec. 19, 2014, 128 Stat. 4038, struck out part VII ‘‘Envi- ronmental tax’’. 1989—Pub. L. 101–234, title I, § 102(a), Dec. 13, 1989, 103 Stat. 1980, repealed Pub. L. 100–360, § 111, and provided that the provisions of law amended by such section are restored or revived as if such section had not been en- acted, see 1988 Amendment note below. 1988—Pub. L. 100–360, title I, § 111(c), July 1, 1988, 102 Stat. 697, added part VIII ‘‘Supplemental medicare pre- mium’’. 1986—Pub. L. 99–499, title V, § 516(b)(5), Oct. 17, 1986, 100 Stat. 1771, added part VII. 1976—Pub. L. 94–455, title XIX, § 1901(b)(2), Oct. 4, 1976, 90 Stat. 1792, struck out part V ‘‘Tax surcharge’’. 1969—Pub. L. 91–172, title III, § 301(b)(1), Dec. 30, 1969, 83 Stat. 585, added part VI. 1968—Pub. L. 90–364, title I, § 102(d), June 28, 1968, 82 Stat. 259, added part V. PART I—TAX ON INDIVIDUALS Sec. 1. Tax imposed. 2. Definitions and special rules. 3. Tax tables for individuals having taxable in- come of less than $20,000.1 [4. Repealed.] 5. Cross references relating to tax on individ- uals. Editorial Notes AMENDMENTS 1976—Pub. L. 94–455, title V, § 501(c)(1), Oct. 4, 1976, 90 Stat. 1559, substituted ‘‘Tax tables for individuals hav- ing taxable income of less than $20,000’’ for ‘‘Optional tax tables for individuals’’ in item 3 and struck out item 4 relating to rules for optional tax. 1969—Pub. L. 91–172, title VIII, § 803(d)(9), Dec. 30, 1969, 83 Stat. 685, substituted ‘‘Definitions and special rules’’ and ‘‘Optional tax tables for individuals’’ for ‘‘Tax in case of joint return or return

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 1

Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 1. This identifies an authority to review, not proof of applicability.

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 509 — Private foundation defined

**(a) General rule** For purposes of this title, the term “private foundation” means a domestic or foreign organization described in section 501(c)(3) other than— (1) an organization described in section 170(b)(1)(A) (other than in clauses (vii) and (viii)); (2) an organization which— (A) normally receives more than one-third of its support in each taxable year from any combination of— (i) gifts, grants, contributions, or membership fees, and (ii) gross receipts from admissions, sales of merchandise, performance of services, or furnishing of facilities, in an activity which is not an unrelated trade or business (within the meaning of section 513), not including such receipts from any person, or from any bureau or similar agency of a governmental unit (as described in section 170(c)(1)), in any taxable year to the extent such receipts exceed the greater of $5,000 or 1 percent of the organization’s support in such taxable year, from persons other than disqualified persons (as defined in section 4946) with respect to the organization, from governmental units described in section 170(c)(1), or from organizations described in section 170(b)(1)(A) (other than in clauses (vii) and (viii)), and (B) normally receives not more than one-third of its support in each taxable year from the sum of— (i) gross investment income (as defined in subsection (e)) and (ii) the excess (if any) of the amount of the unrelated business taxable income (as defined in section 512) over the amount of the tax imposed by section 511; (3) an organization which— (A) is organized, and at all times thereafter is operated, exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more specified organizations described in paragraph

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 509

Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 509. This identifies an authority to review, not proof of applicability.

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 509 — Private foundation defined

Page 1693 TITLE 26—INTERNAL REVENUE CODE § 509 whether such organization maintains or intends to maintain donor advised funds (as defined in section 4966(d)(2)) and the manner in which such organization plans to operate such funds. (Added Pub. L. 91–172, title I, § 101(a), Dec. 30, 1969, 83 Stat. 494; amended Pub. L. 94–455, title XIX, §§ 1901(a)(71), (b)(8)(E), 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1776, 1794, 1834; Pub. L. 108–357, title IV, § 413(c)(30), Oct. 22, 2004, 118 Stat. 1509; Pub. L. 109–280, title XII, § 1235(b)(1), Aug. 17, 2006, 120 Stat. 1101.) Editorial Notes AMENDMENTS 2006—Subsec. (f). Pub. L. 109–280, which directed the addition of subsec. (f) to section 508, without specifying the act to be amended, was executed by making the ad- dition to this section, which is section 508 of the Inter- nal Revenue Code of 1986, to reflect the probable intent of Congress. 2004—Subsec. (d)(1), (2). Pub. L. 108–357 struck out ‘‘556(b)(2),’’ after ‘‘545(b)(2),’’. 1976—Subsec. (a). Pub. L. 94–455, § 1901(a)(71)(A), struck out last sentence providing that for purposes of paragraph (2), the time prescribed for giving notice under this subsection shall not expire before the 90th day after the day on which regulations first prescribed under this subsection become final. Subsec. (a)(1), (2). Pub. L. 94–455, § 1906(b)(13)(A), struck out ‘‘or his delegate’’ in three places after ‘‘Sec- retary’’. Subsec. (b). Pub. L. 94–455, §§ 1901(a)(71)(A), 1906(b)(13)(A), struck out ‘‘or his delegate’’ in two places after ‘‘Secretary’’ and ‘‘The time prescribed for giving notice under this subsection shall not expire be- fore the 90th day after the day on which regulations first prescribed under this subsection become final’’ after ‘‘a private foundatio

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 509

Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 509. This identifies an authority to review, not proof of applicability.

Arkansas Code — all titles (historical 2020) · legal_authorities

4-28-201. Title.

4-28-201. Title. Sections 4-28-201 — 4-28-206 and 4-28-209 — 4-28-224 shall be known as the “Arkansas Nonprofit Corporation Act”.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-28-201

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 4-28-201. This identifies an authority to review, not proof of applicability.

Arkansas Code — all titles (historical 2020) · legal_authorities

4-28-206. Articles of incorporation generally.

4-28-206. Articles of incorporation generally. (a) Any association of persons or for-profit corporation organized under the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., desirous of becoming incorporated under the provisions of the Arkansas Nonprofit Corporation Act, §§ 4-28-201 — 4-28-206 and 4-28-209 — 4-28-224, shall file with the circuit court of the county in which the main office or principal place of business of the proposed corporation is located or proposed to be located signed and verified articles of incorporation, which shall set forth the following: (1) The name of the corporation; (2) The period of duration, which may be perpetual; (3) The purposes for which the corporation is organized; (4) Any provisions, not inconsistent with law, which the incorporators elect to set forth in the articles of incorporation for the regulation of the internal affairs of the corporation, including any provision for distribution of assets on dissolution or final liquidation; (5) The address of its main office or principal place of business, and the name of its registered agent at that address; (6) The number of directors constituting the initial board of directors and the names and addresses of the persons who are to serve as the initial directors; (7) The name and address of each incorporator; (8) A statement that the corporation: (A) Is a nonprofit corporation; and (B) Has converted under the Arkansas Nonprofit Corporation Act, §§ 4-28-201 — 4-28-206 and 4-28-209 — 4-28-224; and (9)(A) A description of the treatment of shares of stock. (B) The description of the treatment of shares of stock: (i) May provide for the exchange of shares of stock for certificates of membership if the corporation has members; or (ii) Shall provide

Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-28-206

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 4-28-206. This identifies an authority to review, not proof of applicability.

Arkansas Code — all titles (historical 2020) · legal_authorities

4-28-209. Powers.

4-28-209. Powers. Each corporation shall have power: (1) To have perpetual succession by its corporate name unless a limited period of duration is stated in its articles of incorporation; (2) To sue and be sued, complain, and defend in its corporate name; (3) To purchase, take, receive, lease, take by gift, devise, or bequest, or otherwise acquire, own, hold, improve, use, and otherwise deal in and with real or personal property or any interest therein, wherever situated; (4) To sell, convey, mortgage, pledge, lease, exchange, transfer, and otherwise dispose of all or any part of its property and assets; (5) To make contracts and incur liabilities, borrow money, issue its notes, bonds, and other obligations, act as a trustee, and secure any of its obligations by mortgage or pledge of all or any of its property, franchises, and income; (6) To manage its internal affairs in any desired manner so long as the provisions of the Arkansas Nonprofit Corporation Act, §§ 4-28-201 — 4-28-206 and 4-28-209 — 4-28-224, or other law are not violated; and (7) To do any and all things necessary, convenient, useful, or incidental to the attainment of its purposes as fully and to the same extent as natural persons lawfully might or could do so long as consistent with the provisions of the Arkansas Nonprofit Corporation Act, §§ 4-28-201 — 4-28-206 and 4-28-209 — 4-28-224.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-28-209

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 4-28-209. This identifies an authority to review, not proof of applicability.

Arkansas Code — all titles (historical 2020) · legal_authorities

4-28-224. Corporation's acceptance of votes.

4-28-224. Corporation's acceptance of votes. (a) If the name signed on a vote, consent, waiver, or proxy appointment corresponds to the name of a member, the corporation, if acting in good faith, is entitled to accept the vote, consent, waiver, or proxy appointment and give it effect as the act of the member. (b) If the name signed on a vote, consent, waiver, or proxy appointment does not correspond to the name of a member, the corporation, if acting in good faith, is nevertheless entitled to accept the vote, consent, waiver, or proxy appointment and give it effect as the act of the member if: (1) The member is an entity and the name signed purports to be that of an officer or agent of the entity; (2) The name signed purports to be that of an administrator, executor, guardian, or conservator representing the member and, if the corporation requests, evidence of fiduciary status acceptable to the corporation has been presented with respect to the vote, consent, waiver, or proxy appointment; (3) The name signed purports to be that of an attorney-in-fact of the member and, if the corporation requests, evidence acceptable to the corporation of the signatory's authority to sign for the member has been presented with respect to the vote, consent, waiver, or proxy appointment; or (4) Two (2) or more persons are the member as cotenants or fiduciaries and the name signed purports to be the name of at least one (1) of the co-owners and the person signing appears to be acting on behalf of all the co-owners. (c) The corporation is entitled to reject a vote, consent, waiver, or proxy appointment if the secretary or other officer or agent authorized to tabulate votes, acting in good faith, has reasonable basis for doubt about the validity of the signature on it or about

Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-28-224

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 4-28-224. This identifies an authority to review, not proof of applicability.