Arkansas § 2-2-310 No approval for financial obligations - Exception

Arkansas Statutes

§ 2-2-310 — No approval for financial obligations - Exception

Arkansas § 2-2-310

Title2

This text of Arkansas § 2-2-310 (No approval for financial obligations - Exception) 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. § 2-2-310 (2026).

Text

(a)The board of directors shall not be required to procure any consent from or authorization by the members, except in the instance of the increase of bonded indebtedness of the association, in authorizing:

(1)The procurement of loans, the creation of obligations under which the association is to be primarily or secondarily liable, and the issuance of notes, bonds, and other obligations; and (2) The mortgage and pledge of all or any part of the association's assets, including after-acquired property, as security for any obligations so incurred.

(b)Where the bonded indebtedness is increased within the meaning of Arkansas Constitution, Article 12, Section 8, authorization of both the creation of the additional indebtedness and the lien securing it shall be required in conformity with the

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(a) The board of directors shall not be required to procure any consent from or authorization by the members, except in the instance of the increase of bonded indebtedness of the association, in authorizing: (1) The procurement of loans, the creation of obligations under which the association is to be primarily or secondarily liable, and the issuance of notes, bonds, and other obligations; and (2) The mortgage and pledge of all or any part of the association's assets, including after-acquired property, as security for any obligations so incurred. (b) Where the bonded indebtedness is increased within the meaning of Arkansas Constitution, Article 12, Section 8, authorization of both the creation of the additional indebtedness and the lien securing it shall be required in conformity with the constitutional provision.