Public-domain · open source
OpenJurist

Ark. Code Ann. § 4-27-207

Emergency bylaws

Known as the Arkansas Business Corporation Act

The act spans §§ 4–4 (323 sections).

Acts 1987, No. 958, § 64-207.

(1) Unless the articles of incorporation provide otherwise, the board of directors of a corporation may adopt bylaws to be effective only in an emergency defined in subsection (d) of this section. The emergency bylaws, which are subject to amendment or repeal by the shareholders, may make all provisions necessary for managing the corporation during the emergency, including: procedures for calling a meeting of the board of directors;

(2) quorum requirements for the meeting; and

(3) designation of additional or substitute directors.

(4) All provisions of the regular bylaws consistent with the emergency bylaws remain effective during the emergency. The emergency bylaws are not effective after the emergency ends.

(5) Corporate action taken in good faith in accordance with the emergency bylaws: binds the corporation; and

(6) may not be used to impose liability on a corporate director, officer, employee, or agent.

(7) An emergency exists for purposes of this section if a quorum of the corporation's directors cannot readily be assembled because of some catastrophic event.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.