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2017 Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 3 - Corporations and Associations
Chapter 33 - The Arkansas Nonprofit Corporation Act of 1993
Subchapter 11 - Merger
§ 4-33-1102. Limitations on mergers by public benefit or religious corporations
Universal Citation:
AR Code § 4-33-1102 (2017)
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- (a) Without the prior approval of the circuit court of the county in which the corporation's principal office (or, if none in this state, its registered office) is located, a public benefit or religious corporation may merge only with:
- (1) a public benefit or religious corporation;
- (2) a foreign corporation that would qualify under this chapter as a public benefit or religious corporation; or
- (3) a mutual benefit corporation, provided the public benefit or religious corporation is the surviving corporation and continues to be a public benefit corporation or religious corporation after the merger.
- (b) Without an order of the circuit court of the county in which the corporation's principal office (or, if none in this state, its registered office) is located, no member of a public benefit or religious corporation may receive or keep anything as a result of a merger other than a membership or membership in the surviving public benefit or religious corporation. The court shall approve the transaction if it is in the public interest.
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