Browse Arkansas Code titles and sections
4-33-1302. Authorized distributions.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-33-1302. Authorized distributions.
(a) A mutual benefit corporation may purchase its memberships if after the purchase is completed:
(1) the corporation would be able to pay its debts as they become due in the usual course of its activities; and
(2) the corporation's total assets would at least equal the sum of its total liabilities.
(b) Corporations may make distributions upon dissolution in conformity with §§ 4-33-1401 et seq.
(c) Corporations that are organized and operated as cooperative within the meaning of Subchapter T of the Internal Revenue Code of 1986, as amended, Internal Revenue Code §§ 1381 — 1388, may make distributions to their members in accordance with Subchapter T.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-33-1302
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.
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Record provenance
Stable record: arkansas_code:legal_authorities:4-33-1302
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 274865513ffb4e6c67256abed1e31fbae06fcbf57905b6de8544c891f08fa5d7
Source location: content.xml paragraph 23581
Stored source content
4-33-1302. Authorized distributions.
(a) A mutual benefit corporation may purchase its memberships if after the purchase is completed:
(1) the corporation would be able to pay its debts as they become due in the usual course of its activities; and
(2) the corporation's total assets would at least equal the sum of its total liabilities.
(b) Corporations may make distributions upon dissolution in conformity with §§ 4-33-1401 et seq.
(c) Corporations that are organized and operated as cooperative within the meaning of Subchapter T of the Internal Revenue Code of 1986, as amended, Internal Revenue Code §§ 1381 — 1388, may make distributions to their members in accordance with Subchapter T.
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Arkansas Code — all titles (historical 2020) · legal_authorities
4-33-1401. Dissolution by incorporators or directors and third persons.
(a) A majority of the incorporators or directors of a corporation that has no members may, subject to any approval required by the articles or bylaws, dissolve the corporation by delivering to the Secretary of State articles of dissolution.
(b) The corporation shall give notice of any meeting at which dissolution will be approved. The notice shall be in accordance with § 4-33-822(c). The notice must also state that the purpose, or one of the purposes, of the meeting is to consider dissolution of the corporation.
(c) The incorporators or directors in approving dissolution shall adopt a plan of dissolution indicating to whom the assets owned or held by the corporation will be distributed after all creditors have been paid.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-33-1401
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 4-33-1401. This identifies an authority to review, not proof of applicability.