Ark. Code Ann. § 4-28-219

Shares of stock and dividends prohibited

Applied in 1 court decision — leading case Melanie Foster; Forest Roberts; Kathryn Clark; Christie Waggoner; Sawney Huckabay; And Allen Family Farm, Inc., an Arkansas Non-Profit Corporation v. Carla Muruaga-Atkins; Carol Ann Martin, Individually; Laura Martin, Individually; Laura Martin, as Mother and Next Friend of Two Unemancipated Minor Children; Caitlyn Peterson, Individually; Caitlyn Peterson, as Mother and Next Friend of Three Unemancipated Minor Children; And Kathryn Ahlefeld (2024)

Most recently applied in Melanie Foster; Forest Roberts; Kathryn Clark; Christie Waggoner; Sawney Huckabay; And Allen Family Farm, Inc., an Arkansas Non-Profit Corporation v. Carla Muruaga-Atkins; Carol Ann Martin, Individually; Laura Martin, Individually; Laura Martin, as Mother and Next Friend of Two Unemancipated Minor Children; Caitlyn Peterson, Individually; Caitlyn Peterson, as Mother and Next Friend of Three Unemancipated Minor Children; And Kathryn Ahlefeld (October 2024)

Acts 1963, No. 176, § 8; A.S.A. 1947, § 64-1908.

(1) A corporation shall not have or issue shares of stock.

(2) No dividend shall be paid and no part of the income of a corporation shall be distributed to its members, directors, or officers.

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.