Ark. Code Ann. § 6-2-103
This is the official text of Ark. Code Ann. § 6-2-103, part of Arkansas’s Code Ann — part of the compiled statutory law of Arkansas, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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Purpose - Use of funds or property
Official statutory text
(a) The purpose for which every such corporation shall be established shall be distinctly specified in its articles of association. (b) It shall not be lawful for the corporation to divert or appropriate its funds or property for any other purpose unless authorized to do so by the person, conference, convention, association, synod, or other body under whose auspices the institution may have been established or for whose benefit it may be maintained, or by which it may be controlled. Acts 1911, No. 375, § 2; C. & M. Dig., § 1765; A.S.A. 1947, § 64-1402.
(a) The purpose for which every such corporation shall be established shall be distinctly specified in its articles of association.
(b) It shall not be lawful for the corporation to divert or appropriate its funds or property for any other purpose unless authorized to do so by the person, conference, convention, association, synod, or other body under whose auspices the institution may have been established or for whose benefit it may be maintained, or by which it may be controlled.
Acts 1911, No. 375, § 2; C. & M. Dig., § 1765; A.S.A. 1947, § 64-1402.
(a) The purpose for which every such corporation shall be established shall be distinctly specified in its articles of association.
(b) It shall not be lawful for the corporation to divert or appropriate its funds or property for any other purpose unless authorized to do so by the person, conference, convention, association, synod, or other body under whose auspices the institution may have been established or for whose benefit it may be maintained, or by which it may be controlled.
Acts 1911, No. 375, § 2; C. & M. Dig., § 1765; A.S.A. 1947, § 64-1402.
Status: in_force
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