Arkansas § 19-8-305 Terms of trust agreement

Arkansas Statutes

§ 19-8-305 — Terms of trust agreement

Arkansas § 19-8-305

Title19

This text of Arkansas § 19-8-305 (Terms of trust agreement) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 19-8-305 (2026).

Text

(a)Each trust agreement shall specify the following:

(1)Its duration;

(2)(A) The number, qualifications, method of election, and terms of the trustees who shall serve as the governing body of the trust.

(B)(i) Each trust shall have a minimum of seven (7) trustees.

(ii)Only current elected officials and active or retired employees of a local government or of a local government association may serve as trustees.

(iii)A majority of the trustees must be officials or employees of participants.

(C)(i) Each trustee shall be elected by the participants for a term not to exceed three (3) years.

(ii)The terms of office shall be staggered so that at least one-third (1/3) of the trustees are elected each year.

(D)Each participant shall be entitled to one (1) vote in each election of trustees;

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(a) Each trust agreement shall specify the following: (1) Its duration; (2) (A) The number, qualifications, method of election, and terms of the trustees who shall serve as the governing body of the trust. (B) (i) Each trust shall have a minimum of seven (7) trustees. (ii) Only current elected officials and active or retired employees of a local government or of a local government association may serve as trustees. (iii) A majority of the trustees must be officials or employees of participants. (C) (i) Each trustee shall be elected by the participants for a term not to exceed three (3) years. (ii) The terms of office shall be staggered so that at least one-third (1/3) of the trustees are elected each year. (D) Each participant shall be entitled to one (1) vote in each election of trustees; (3) The qualifications, terms, and conditions necessary for additional local governments to become parties to the trust; (4) The terms and conditions under which local governments may withdraw as parties to the trust; provided, that any party shall have the unconditional right to withdraw upon not more than ninety (90) days' notice; (5) The permissible methods for acquiring, holding, and disposing of real and personal property used in the operation of the trust; (6) The maximum amount of funds of participants the trust may accept for investment; (7) The permissible methods to be employed in accomplishing the partial or complete termination of the trust and for disposing of property upon the partial or complete termination; (8) The terms and conditions under which the trust agreement may be amended and supplemented; and (9) Any other necessary and proper matters. (b) Each addition of a local government as a party to a trust, each withdrawal of a local government as a party to a trust, and each amendment or supplement to a trust agreement shall be evidenced by a written supplement to the trust agreement.