Arkansas § 4-33-1601 Conversion to a public water authority

Arkansas Statutes

§ 4-33-1601 — Conversion to a public water authority

A corporation which meets the definition of a qualified corporation, as defined by § 4-35-103 , may adopt a plan to convert its entity status from that of a nonprofit corporation to a water authority pursuant to § 4-35-101 et seq., unless the articles or bylaws require otherwise, if the conversion is approved:

(1)By a majority of the members of the board of directors of the corporation; and (2) If the corporation has members, by the lesser of:

(A)Two-thirds (2/3) of the votes cast by the members in person or by proxy at a regular or special meeting of the members at which a quorum as defined in § 4-33-722 is present; or (B) A majority of the members.

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A corporation which meets the definition of a qualified corporation, as defined by § 4-35-103 , may adopt a plan to convert its entity status from that of a nonprofit corporation to a water authority pursuant to § 4-35-101 et seq., unless the articles or bylaws require otherwise, if the conversion is approved: (1) By a majority of the members of the board of directors of the corporation; and (2) If the corporation has members, by the lesser of: (A) Two-thirds (2/3) of the votes cast by the members in person or by proxy at a regular or special meeting of the members at which a quorum as defined in § 4-33-722 is present; or (B) A majority of the members.

Arkansas § 4-33-1601 (Conversion to a public water authority) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.