§ 15-4-1214 — Powers of the company

Arkansas § 15-4-1214

• Jurisdiction: Arkansas
• Title: 15

Text

(a) The purposes of each company organized under the provisions of this subchapter shall be to: (1) Promote, stimulate, develop, and advance the business prosperity and economic welfare of the county or region where it is located and its citizens; (2) Encourage and assist through loans, investments, or other business transactions in the location of new business and industry in that county or region, and to assist the growth and expansion of existing business and industry; (3) Stimulate and assist in the expansion of all kinds of business activity which will tend to promote the business development and maintain the economic stability of the county or region, provide maximum opportunities for employment, encourage thrift, and improve the standard of living of the citizens of that county or region; (4) Cooperate and act in conjunction with other organizations, public or private, in the promotion and advancement of industrial, technological, scientific, commercial, agricultural, and recreational development in that county or region; and (5) Provide venture financing for the promotion, development, and conduct of all kinds of business activity in that county or region on terms and conditions that would not otherwise be available from existing financial institutions. (b) In furtherance of such purposes, each company organized under this subchapter shall have the power to: (1) Sue and be sued and to complain and defend in its corporate or limited liability company name; (2) Have perpetual succession, in the case of corporations, unless a limited period of duration is stated in its articles of incorporation; (3) Adopt a company seal, which may be altered at pleasure, and to use it or a facsimile thereof as permitted by law; (4) Within the limitations imposed in this subchapter and in the manner prescribed in this subchapter, borrow money and otherwise contract indebtedness, to issue its bonds, notes, debentures, or other obligations with or without security, and, if with security, to secure the payment thereof by mortgage, pledge, or deed of trust on all or any part of its property, assets, revenues, or income; (5) Purchase, receive, lease as lessee, or in any other manner acquire, own, hold, maintain, sell, exchange, and use any and all real and personal property or any interest therein; (6) Sell and convey, mortgage, pledge, lease as lessor, and otherwise dispose of all or any part of its property or assets; (7) Make loans to any qualifying person within its county or region and to establish and regulate the terms and conditions with respect to those loans and the charges for interest and service connected with those loans, consistent with the provisions of this subchapter; (8) Purchase, hold, sell, assign, transfer, mortgage, pledge, or otherwise dispose of: (A) Bonds, securities, or evidences of indebtedness created by any other corporation or corporations of this state or any other state or government or created by any individual, unincorporated association, limited liability company, limited partnership, general partnership, limited liability partnership, limited liability limited partnership, trust estate, improvement district, municipality, or governmental or municipal agency of any character; (B) Shares of the capital stock of any other corporation or corporations of this or any other state or government, subject to such restrictions and limitations, if any, as may be imposed by the laws of this or any other state in which the corporation may do business, and, while owner of such stock, to exercise all the rights, powers, and privileges of ownership, including the right to vote that stock; and (C) The units of interest of limited liability companies, partnerships, joint ventures, or other business entities of this or any other state or government, subject to such restrictions and limitations, if any, as may be imposed by the laws of this or any other state in which the business entity may do business, and, while owner of such units of interest, to exercise all the rights, powers, and privileges of ownership, including the right to vote those units of interest; (9) Make any and all contracts necessary or convenient for the exercise of the powers granted in this subchapter; (10) Elect or appoint officers, agents, and employees of the company and to define their duties and fix their compensation; (11) Conduct its business and to have officers within or without the state; (12) Accept gifts or grants of money, service, or property, real or personal; (13) With the approval of the board of directors or the management committee by action of those persons, make and alter bylaws and regulations not inconsistent with the articles of incorporation or the articles of organization and operating agreement or with the laws of this state for the administration and regulation of the affairs of the company; (14) Encourage and promote the cultural, industrial, technological, scientific, economic, and recreational development of the county or region where it is located; (15) (A) Assist minority businesses in obtaining loans or other means of financial assistance. (B) The terms and conditions of such loans or financial assistance, including the charges for interest and other services, will be consistent with the provisions of this subchapter. (C) Efforts must be made to solicit for review and analysis proposed minority business ventures. (D) Be it further provided that basic loan underwriting standards will not be changed to inconsistently favor or disfavor minority persons or businesses, or both, from the intent of the company's lending practices; and (16) Do and perform any and all acts and things and to have and exercise any and all powers as may be necessary, convenient, or appropriate to effectuate the purpose for which the company is organized.

Legislative History

Acts 1991, No. 1029, § 12; 1999, No. 37, § 13.