§ 15-4-906 - Articles of incorporation.
15-4-906. Articles of incorporation.
(a) The articles of incorporation for any development finance corporation organized under the provisions of this subchapter shall state:
(1) The name of the corporation. The name shall include the words "capital corporation" or "development finance corporation" and such other designation as necessary to distinguish it from any subsequent development corporation which may be organized under the provisions of this subchapter and to distinguish it from any other corporation organized and existing under the laws of the State of Arkansas;
(2) The purpose for which the corporation is formed;
(3) The period of duration of the corporation, which may be perpetual or limited;
(4) The address of its principal office and the name and address of its agent upon whom process may be served;
(5) The total number of shares of common stock which the corporation is authorized to issue. The number shall be not less than one thousand (1,000) shares of common stock having a par value of one hundred dollars ($100) per share;
(6) The total number of shares of preferred stock which the corporation is authorized to issue. The number shall be not less than thirty-six thousand (36,000) shares of preferred stock having a par value of twenty-five dollars ($25.00) per share;
(7) In addition to the ex officio directors, the number of directors, not fewer than six (6) nor more than fifteen (15), to be elected at the annual meeting of the holders of common stock, the terms of office of the directors, and any provisions desirable for staggering their terms of office, except that the terms of office of directors and other matters pertaining to the directors may be provided in the bylaws of the corporation;
(8) The names and addresses of the incorporators who, with the ex officio directors, shall manage the affairs of the corporation until the first meeting of the holders of the common stock; and
(9) Any provisions not inconsistent with law which the incorporators may choose to insert for the regulation of the business and the conduct of the affairs of the corporation.
(b) It shall not be necessary to set forth in the articles of incorporation any of the corporate powers enumerated in this subchapter.