Ark. Code § 4-28-202

Current with legislation from 2024 Fiscal and Special Sessions.

Section 4-28-202 - Definitions

As used in §§ 4-28-201 - 4-28-206 and 4-28-209 - 4-28-224, unless the context otherwise requires:

(1) "Board of directors" means the group of persons vested with the management of the affairs of the corporation;

(2) "Corporation" means a domestic corporation not for profit subject to the provisions of §§ 4-28-201 - 4-28-206 and 4-28-209 - 4-28-224;

(3) "Foreign corporation" means a corporation not for profit organized under laws other than the laws of this state; and

(4) "Not-for-profit corporation" means a corporation no part of the income of which is distributable to its members, directors, or officers. Sections 4-28-201 - 4-28-206 and 4-28-209 - 4-28-224 shall apply only to corporations organized under the laws of this state authorizing organization of nonprofit corporations.

Ark. Code § 4-28-202

Acts 1963, No. 176, § 2; A.S.A. 1947, § 64-1902.